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Sept. 21/2014

I found your website through a google search and I wanted to get in contact with you and see if you may be able to help my wife and I obtain a mortgage.

 To describe our situation better to you, here is the current situation we are in. My wife and I had purchased our first home, which was a town home in 2006. We outgrew that home because we had a baby and it was a small town home, and in addition I ended up taking a job that required me to travel further to work. Because of the housing situation and everything being under water, our only option we to rent out the town home and purchase a home that was more adequate for our size. Since it was our first time renting, we were very nervous doing so, so we decided to hire a property management company for us and pay them to ensure we were getting a renter of good quality in there. Even with paying the property management company we were losing roughly $400 per month on the place, however with our high income it still allowed us to take the loss.

 However 8 months into the renting process, the renter did roughly $20,000 worth of damage to our property at the town home and stopped paying rent, and eventually moved out on her own. Because of the lack of funds to invest another $20,000 into fixing the town home just to get it back into rental shape, on top of the money we were already losing per month on it, and at that time my side business income had dwindled, we were facing a financial difficulty all of the sudden.

 We were forced to do a short sale on the town home. We even attempted to do a short sale by keeping our mortgage current as well and the lender, Wells Fargo, informed us that they would only work with us on the short sale if we stopped paying on the mortgage. It was a difficult decision to make because we haven’t defaulted on anything we owe on, but unfortunately it was something we would have to face in the future regardless had they not approved a short sale as our savings and income was dwindling due to the town home property.

 Wells Fargo approved our short sale on December 2013, roughly 9 months ago. We have not missed payments on anything since. We are currently looking to sell our current home and purchase another home closer to my parents as they are aging and we would like to help take care of them. Our current home is currently valued at roughly $60,000 more than what we will be able to use that profit to put down on the new house we would like to purchase. We currently have already found the home we would like to purchase and have listed our current home for sale. However I was not aware how difficult this would be to obtain a mortgage since our short sale is not even a year old. My wife and I both have a combined income of over $100,000 per year and our credit scores are both over 700.

Are there any options available that you may be able to help us with?

Thank you for your time and consideration and I hope to hear from you soon!

 Sincerely, Chris/Florida

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