I have a townhouse I want to move from but it is worth about 30k less than what i owe. What are my b

I have a townhouse I want to move from but it is worth about 30k less than what i owe. What are my best options other than renting it out to free up that income to purchase a better home?
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September 25 2013 - Decatur
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Refinance it - if you're eligible.  Hopefully a lender will see this post and comment on it.

Aside from that, why not rent it?  It gives you the chance to recoup some of the loss as well as the potential for it to appreciate in value during the rental period(s).
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September 26 2013
Outside of the previous suggestions, the only other option will be to do a short sale on the property.  With a short sale, the bank will accept the current market value as the full settlement of the obligation.
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September 26 2013

If your monthly payment is close to or slightly higher than current rents you may be able to lease your house with the option to buy.  You could find someone to lease your house for a number of years.  At the end of the option they buy the house for the balance of the loan at that time.   They are responsible for all repairs on the house.

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September 26 2013
People throw short sale out as a solution without understanding what they are all about.

You have to prove to the bank you cannot afford your current payment due to some unforeseen calamity such as medical bills, death of a spouse, illness of a child, loss of job etc.  Not just because you are underwater or want to move. 
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September 30 2013
 
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I have a townhouse I want to move from but it is worth about 30k less than what i owe. What are my b
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September 30 2013 | 4 answers
  • Posted by Cedric Watkins
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