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[quote=Anonymous][quote=Anonymous]OP here again. They're offering me a 10 year ARM, so fixed rate for 10 years. We can refinance to a conventional fixed rate, 30 year loan in 8 months, so even a 1 or 3 year ARM would work well for us.

And for those who think I gamed the system, you have no idea what our situation was. The short sale was due to a job transfer. We held on to the property (paying about $5K mortgage plus $2500 rent in DC) for 3 years with ZERO offers. At some point we had to start thinking about our own financial future and our childrens' and disregard the bank, other homeowners, etc. It was crazy to throw $5K down the drain each month, knowing that we would never be returning to the property and it would take years to recover its value (if ever). [/quote]

While I think you're pretty casual with your responsibilities, I can't really blame you for taking advantage of a short sale.  I'm shocked that the bank agreed to it, though, with your income.  (I know you said it wasn't $600k a year ago, but is was enough to afford a $5K per month mortgage.)

I hope you had enough sense to make sure they can't come after you for the balance in the short sale agreement.  Actually, I hope you didn't - you are exactly the type of people who make others crazy about the short sale process.  [/quote]

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