We just had our foreclosure sale date officially set by the courts for Oct 8th. 2009. Is there still time for a short sale? We have a 1st at $163,000 and a 2nd at $33,000. The last real estate agent we talked to about 4 months ago said the house was worth about $75,000- $80,000 in today's market. Is it even feasible to think the mortgage companies would settle with such a large difference in loan to value? Thank you very much

Because of the second mortgage unless they are though the same lender, it is not likely to happen.

First that is a large difference, so the second mortgage will get nothing, so that lender will have to sign off with no money, so I can't see it happening.

Right now I see them taking 20 to 30 percent under what is owed but some will not accept any short sales at all.