Need to extract equity from my home that is being foreclosed?

Question

I kind of asked this question before but this time i will simplify.

I own a home but cannot afford the monthly payments anymore because of a job loss. The bank has initiated foreclosure proceedings.

I have about 40% equity in the home and desperately need to find a way to extract this equity (money) so that we (girlfriend)may buy another home that we can afford the payment on before the house completely goes to the bank and is sold on the courthouse steps.

The girlfriend has no ties whatsoever to the mortgage or the deed by the way.

I need to avoid the foreclosure and i plan to try and work something out, but first i need to extract the equity.

Advice?

Answer 1

You are out of luck.  The only way to "get the equity" out of the house is to pay the bank and sell it.  That is why the loan is "secured"  Also, if houses are taking that long to sell in your area it is unlikely that you have 40% equity.

Then why don't you list it cheap-10-20% under the comparable homes for sale?  It's better to get 20% then nothing.

Answer 2

why not sell the house?