Help! I need to sell my house but I owe more than it is worth, what do I do?

Question

Help! I need to sell my house but I owe more than it is worth, what do I do?

Answer 1

You can't without either bringing money to closing to make up the difference or getting the bank to agree to a short-sale, which will ding your credit.

You need to evaluate if you are selling your home out of need or want.  

If you don't need to sell your house to move out of the city/town that you live in, then my advice is to stay put.

Answer 2

You can bring extra cash to closing to pay the difference.  You can allow the bank to foreclose.  You can inquire if the bank will work with you on a short sale.

The ONLY option which will allow you to obtain another mortgage soon to buy a house is the first one.  The others will ruin your credit for five years.

Answer 3

You will have to rent it until the value goes up or take a loss now.

Answer 4

Stop loving alcohol.