Foreclosure/short sales


First, thanks for your time.

I'm currently  5 years into a 30 year fixed at 6.1%.  I bought at approx. 350K and my house is now worth about 200K.  I have about 270K left on my loan.

Like many....I'm stuck.  My wife and I can afford our payments, but would like to move out of what was our first "starter" home and move into something a bit bigger (we have a new baby).

Is a short sale something we could do?  My wife is not on the current deed/loan.  Is there a way for me to short sale, and potentially purchase a new house in my wife's name.  Is that allowed?  Is it legal?  

I've seen so many short sales in my neighborhood and among friends and co-workers.  How are these short sales being obtained?

Thanks for any info.  Again, I appreciate your time.

Roseville, CA

Good afternoon and thank you for your question!!!!

First of all, you need to verify about whether your wife has any interest in the home, even though her name is not on the mortgage.  Some states(NC being one) states that when a single/married person purchases a home and they are the only one on mortgage, the spouse is entitled to half of the property.  So...double check on that.

With a short sale, you are asking the bank to accept less"short" that what you owe them.  You must request a package from the bank and submit alot of documents.  one of the most important is the hardship letter, where you explain why you feel you are entitled to short sale and what put you in this position.  As long as you can pay your mortgage, they may not consider your hardship enough to justify a short sale, but its worth a try.

Do know that the IRS may require you to pay taxes on your "income"....difference between what you owe and what they accpet, whcih is short.

Regarding your credit, a short sale will be a hit to your credit,but not as severe as a foreclosure.  Weigh the pros and cons and it might be worth waiting a year or more to allow the market to recover.

If you know a reputable Realtor in your area, who specializes in short slaes, i would speak to them.

I hope this helps and please contact me directly at if oyu have further questions!!!



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Tonya Snow-Saleeby


I am a Realtor® in Raleigh Durham area and have working knowledge of the market in Durham, Raleigh, Hillsborough, Chapel Hill, Bahama, Rougemont, Roxboro and surrounding areas. If it involves real estate, I can help you!! I have worked extensively with bank and HUD foreclosures, as well as short sales. In addition, I have worked with many first time homebuyers...providing them with valuable information and insight into the exciting first home purchase!!!


I was born and raised in Roxboro and spent much of my time in Durham. After living in Savannah, Georgia for some 14 years, I have returned to Durham. Since returning, I have been working as a Real Estate Professional and know the market well. I also have working knowledge of the surrounding areas, such as Hillsborough, Mebane, Efland, Rougemont, Bahama, Cary, Morrisville and Raleigh.

Durham Regional Association of Realtors North Carolina Assocation of Realtors

NC Certified Real Estate Broker Fonville Morisey Realty Broker Relocation Certified Associate Certified Real Estate Negotiator Graduate Realtor Institute(GRI) North Carolina Notary Public Training Mentor

Awards and Honors
Fonville Morisey Manager's Award for April & December 2007; February, April & November 2008; March, April, May, July, August 2009; April, June, July, September & December 2010; March, April, May, July, October & December 2011; January, March, May, July, August, September, October 2012; April & June 2013 Fonville Morisey Sales Associate of the Month for March 2009,September 2010, June 2011, July & September 2012 Fonville Morisey Listings Sold Associate of the Month for December 2010 Fonville Morisey Listing Associate of the month for December 2011 Fonville Morisey Executive's Club 2007, 2008 & 2010 Fonville Morisey Director's Club 2009, 2011 & 2012 Fonville Morisey Fast Trackers Award 2007 Fonville Morisey Spirit Award for Croasdaile office 2010

Past/Present Clients
I recently purchased a home in Durham, and Tonya was my realtor. I wanted to tell you how wonderful an experience it was to work with Tonya. I am probably the longest standing client she has ever had! My first encounter with Tonya was about 1 1/2 years ago. After living and renting in Durham at that time for about 3 years, I had decided it was time to go house hunting. I drove by a home that I considered a possibility and Tonya`s name was on the sign as the listing agent. I immediately called her from my cell phone and... she answered!!! I never did look at that home; but since that day Tonya has spent countless hours assisting me with my home investment, and she has always been available in a timely manner. She consistently worked with a particular listing agent who was, in my opinion, next to impossible, if not utterly impossible to work with. When the sale of that property failed for us, she did not skip a beat with proceeding to the next "adventure!" She completed all of the "legwork" for me and did so eagerly, making phone calls, getting questions answered, setting up inspections, as well as showing me many, many properties and encouraging me when I looked at her with each and every "no" . Finally, we found the property that is right for me, and during the closing process, Tonya worked relentlessly to accomplish the necessary steps so that we could close to my satisfaction. Tonya handled difficult situations with ease and confidence and professionalism. She remains calm under pressure, and is consistently upbeat and positive. Tonya went above and beyond in every aspect of my experience. I truly feel that she is not only my realtor but my friend, and Fonville Morisey has a loyal client because of Tonya Snow-Saleeby. Charlene You really are amazing. I was in business for 40 years and I’ve never met anyone with your amazing work ethic—just one of your great business skills......Frank and Nancy

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