A firend at work was telling me his story and I offered two solutions, either walk away or try a short sale.
Here’s his story. The guy bought in San Marcos at the height of the market. About a year ago he lost his job. He moved to his inlaws and rented his house losing about $1000 per month out of pocket. He bought his house for $630 and just recently a comp on the same block sold for $510. He’s furious and wants out. I told him to walk from the loan or try a short sale. He spoke to a real estate agent and he also recomended a short sale. How possible is it that a bank will accept this deal? Is it common or will his only choice be to walk away?
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