I just wanted to share how thankful and relieved I am for a family member of ours who was extremely "under water" (owing more to the bank that the house is worth) -- over 100K under water. :(
This person's house sold on Friday as a "short-sale" (which means that the bank accepts the sale for less than the outstanding loan and "forgives" the difference) -- it was not just approved last Friday (there had been 3 approvals before, but two had fallen through because the buyers had to back out), but the closing was actually on Friday. No more defaulting on the mortgage and being overwhelmed by debt. I'm so happy that this was possible and I wanted to register this here.
I hope none of my readers happen to be in trouble because of their houses/mortgages and that if you are, may it be solved well and as quickly as possible!
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