we recently purchased a second home and are trying to rent out the first to pay our mortgage. However because of what we owe on the house, we have to ask a pretty good amount for the house to cover us and no one is responding. it has been about a month since we tried renting and we are wondering if the bank will approve a short sale of our first home and if not, what then happens to us if we foreclose? Or if approved and it doesnt sell then goes into foreclosure then what? Were we wrong in getting another home that is much closer to our jobs and also is a lower house payment for us. We didnt do anything wrong in our opinion because our intention was to rent and finally sell our first house. Thanks for your reply.

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 Tags: mortgage, second home, short sale, hardship, negative equity

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