Need Some Advice
I am an active duty soldier and built a home in 2004 in COlorado Springs. I got moved in 2006 to CA but I have been trying to sell this property for 14 months. I owe 256, it is on the market for 250 and it appraised for 289K 1.5 yrs ago. I have exhausted every account I have to keep paying this mortgage but those funds have run out. Married with 2 kids on Army pay. Here is the kicker, I have a top secret clearance which would probably be pulled if I foreclosed. I just learned of the short sell possibility but am confused. I never missed a mortgage payment, next one is due Nov1 but I do not want to pay anymore. The note is with CW and they will not work with me until I am late on a payment (seems unfair but it is what it is). How bad does a short sell affect credit, how long does it take and what happens if I keep missing payments and the short sell doesnt work (foreclosure))? All the missed payments keep accruing late fees and interest right? So if I go 3 months without paying to stop foreclosure do I have to repay all three months, interest and late fees. Anyone know th eforeclosure laws in CO. Really confused and the payment is coming up again. TY fo any response.
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