I am relocating and need to sell my house. I owe on the house more than what is selling?
The market in my area shows that there are similar houses selling for 100k less than what I bought 1.5 years ago. Can I just give it back to the bank? short sale? what are my options…I cannot really carry a 100k loss on the sell. What are your suggestions?
Tags: short sale
December 28th, 2009 at 2:52 pm
rent it –get permission for a short sale or foreclose are your options
December 28th, 2009 at 2:52 pm
You don’t "give it back to the bank" – what you are asking about is a deed in lieu of foreclosure. This is not quite as devasting to your credit as a foreclosure would be, but it’s close.
I would suggest asking your lender for a short sale, or rent your place out until the market recovers.