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Are there any programs for people that want to sell their home, but the value is less than is owed?

We bought our house new in 2004, and have been right on time with all of our payments.  We want to sell, but our value according to all of the real estate sites is about $30,000 less than we paid for it new, which is about what the payoff on the mortgage is.  Is there a program to help those of us that have been diligent in maintaining our house payments?
  • August 01 2010 - Tucson
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Answers (3)

Check out http://www.makinghomeaffordable.gov/ 

There are many programs out there for you that you may qualify for.
  • September 22 2010
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Dear Gittar Man:

Yes, the US government has their "Hope Now" program and also the Arizona Department of Real Estate has their "Short Sale Advisory" which lists and discusses all options available to a home owner.

You may view these on the "Sellers" page of my website or go directly to the sources. Will provide a wealth of information.

Regards,

Jeff Masich
Arizona Homes and Land
HomeSmart Scottsdale
  • August 01 2010
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Yes, there are some governement options out there.  You can Google them but I have heard mixed results at best.  I would look at the $30K less you think it is worth.  Sites like Zillow.com say they are not 100% "accurate" and it is just an estimate, in fact if you read the fine print they are off by =/- 20% which is a large swing, they encourage people to speak with a local Realtor.  I encourage you to do the same, it costs you nothing.  In fact, if you decide to list, it cost you nothing unless YOU decide to accept an offer.
Talk with a local Realtor and look at real sold comps, start in your Subdivision +/- 300 sq ft that are similar.  That way you will know if you are really upside down or not. If you bought in 2004, most likely you are.  There are other options to look into as well, including a Short Sale.  There are Short Sale specialists in Tucson that can help if that ends up being the route you take.  The more information you have, the better educated decision you can make.

Good luck.

 

 

 



  • August 01 2010
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