Chosen by Asker

Try to put prices out on the market to see if anyone bites. If that doesn't work, you can try to give it back to the bank. You don't want to foreclose. Be careful.

by brwneyedgrl's arch nemesis

2 months ago

Asker's Rating: 

consider renting it out until the market starts to climb

by $andman- 2 months ago

Yes, now isn't a good time to sell.

by Loretta- 2 months ago

Oh gosh, that is a huge loss.I think that it is even going to be difficult to sell in this short length of time. Is there any way of renting your house out until the market rebounds. If there is any possible way around this, I would take it. I do not know your circumstances, so it's a little difficult to give decent advice. I'm sorry that I couldn't have been more help. I wish you the best of luck.

by Ellen- 2 months ago

Well the obvious isn't feasible, selling it. So why not rent it out? Otherwise, with only 2 months, you wouldn't be able to negotiate anything with your lender, so the only other option is to walk away. Before you do that, I would research the foreclosure law's in California and whether the mortgage is still within the govt time frame to be forgiven. If you have a second mortgage, you would need to know how the lender will view non payment of that loan as well. All except maintaining the payments will cause an impact on your credit. Which isn't good. While you may be paying everything else on time, the credit card companies don't care, they see a reduction in your score and they will drop your credit limit like they did ours; $30,000 to $1,800. Stopped our spending in our tracks.

by Alterfemego- 2 months ago

Assuming the house is financed and you don't have the cash to bring to the closing table- you have 2 choices 1. rent it until the market picks up 2. talk to your lender about doing a short sale.

by MSAD- 2 months ago

Renting will only get you in deeper trouble, unless rent $ would cover the mortgage payment which I doubt if home prices have fallen that much in your area. So you have 2 choices, a Short Sale where you would try and sell your house for market value and the bank will write off the difference, or offer the bank a "Deed in Lieu" which is basically giving up the house to the bank, (signing over the deed), instead of the bank having to sue you and foreclose on the house. In either case, you have to stop making payments, for at least 2 or 3 months, and only then the lender will even speak to you about the possibility of doing a short sale or the deed in lieu

by Kamal- 2 months ago