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Distressed Property Question

In October 2023 bought a home built in 1993 on three acres southeast of Springfield, MO purchase price was $240k and put 5% down. Two months later insurance cancelled due to age of roof they said they sent inspector out and it didn’t pass. Took out loan on paid off car to pay for roof as after moving and buying home was cash poor.

2023 Tax bill came and withholding at my new job was wrong so got behind on mortgage was federal employee so taxes had to be paid first. Work out deferral and all is good. Then as federal employee with little tenure was encouraged to find other employment did so and took pay cut. In the meantime car repair for $3,000 and AC broke on house. There are many issues that weren’t on original disclosure I will be more honest than lat person. I owe $228k due to deferral.

Here is my question I am listing home if I can’t pay rent in new place and payment which frankly is not likely what are odds of short sale acceptance if I am responsive and proactive. Also, if goes to foreclosure and bank is short what are chances of wage garnishment.

Sorry so long of a post. I comsider myself blessed to have found work as most likely I would be first out at government job due to federal cuts. I just really don’t want wage garnishment.

submitted by /u/Fail_whale2010
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source https://www.reddit.com/r/RealEstate/comments/1km8ywi/distressed_property_question/
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