2007-03-18 08:02:47 · 4 answers · asked by john m 1 in Business & Finance ➔ Renting & Real Estate
That is a tough one. Depending on your situation bankruptcy is one option. Another is to talk to the bank. They know that you cannot get blood out of a turnip, they also know that they cannot foreclose and sell a house worth $100,000 (just a number to use) and sell it for $200,000 It might be worth it to them to reduce your mortgage and get something back. You have nothing to loose.
2007-03-18 08:10:12 · answer #1 · answered by ttpawpaw 7 · 0⤊ 0⤋
The only way to do that is to make it worth more.
You don't say why you owe more than it's worth. Was there a downturn in your local real estate market? Not much you can do about that except waiting it out. Did you take out one of those 120% of value loans? Not much you can about that either.
If it's because of the condition of the unit, then you can start addressing those issues. Fix it up as much as you possibly can, as cheaply as you can. Try watching Designed to Sell on HGTV, or Sell This House on A&E for some good ideas.
There's also the option to rent the unit out for now, if you really need to move and the local market just isn't going to meet your sale price. You could even offer to do a lease to own for someone. There are people who may have bad credit, but want to buy... and it's entirely likely that they'd be willing to do a lease to buy option. Even if you're charging slightly more than the market price for the rent, it's still probably cheaper than what they'd have to pay a sub-prime lender in interest. Be SURE that you have a lawyer draw up the contracts and protect your long-term interests if you decide to go this route!
2007-03-18 08:13:07 · answer #2 · answered by ISOintelligentlife 4 · 0⤊ 0⤋
Hmm. What is the value of the home? If the value is equal to or more than the balance, that may be your only way of selling it and coming out even. Why would you want to sell it if you owe more than it's worth? If you can afford the payments and it is in an area where the value may appreciate in 5 or more years, it may be best to stay there. Of course, I do not know your situation, but there are many areas that need to be considered prior to just selling and hoping you can break even.
Best wishes...
2007-03-18 08:07:50 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Unless you have to move, you have no choice but to continue paying it down, and letting time pass, and hopefully it will appreciate
2007-03-18 08:34:35 · answer #4 · answered by Anonymous · 0⤊ 0⤋