We need to get out of our house asap

Question

we have a mortgage through a mortgage company and we can't sell due to us owing to much on the house and todays bad sellers market is there anything we can do to get out of this with out making our credit bad from just leaving? thanks for any advice also i have the house listed for sell everywhere including a sign in the front yard on on craigslist and many other on line house selling sites we need out of here quickly any advise?

Answer 1

Assuming that staying in your home isn’t an option, your choices are

-Pay your mortgage & rent out the home (the rent would not likely cover your payment, but we’re trying to save your credit here)

-Sell the house for its current market value and pay the difference between the sales price and your loan in cash.

-Stop paying your mortgage, opening the door for more options (some good, some bad, none easy)

Short sale – In this case, the lender agrees to sell the home for less than you owe. To do this, enlist the help of an intelligent, resourceful real estate agent and be prepared to prove to the bank that you have a financial hardship necessitating this. This can negatively impact your credit.

Deed In Lieu Of Foreclosure – You literally give the home back to the bank. Banks aren’t going to jump at the prospect. They aren’t in the real estate business and don’t really want to be saddled with your house, but they want to avoid the cost of foreclosing too. A bank usually wants to see that your home has been listed with an agent but hasn’t sold (you have to show you made a good effort to sell) and you’ll again have to prove financial hardship. The good news is that if your bank agrees to this, your credit is spared.

Foreclosure – Any time you stop making payments, foreclosure becomes a possibility.  It will have a huge impact on your credit. If you put yourself in the position where a short sale or deed in lieu become possibilities, you take the risk of winding up in foreclosure.  

Answer 2

You might try a realtor you need good advice.. walking away doesn't always mess up your credit but you need to hire a lawyer for your options.

Answer 3

You could rent the house to someone else and continue to pay the mortgage.  When the real estate market improves in the future, sell the house.