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If your home value is more than you owe and wants to move out because of job relocation and you don't want to keep the house and no plan to buy another house soon then you might qualify for short sale. If you can successfully short sale then you can buy your another house in 18-24 months. Short sale will affect your credit but not as foreclosure. Consult with your accountant for any tax ramification. For doing short sale, you need to contact a local realtor who is experienced with successful short sale.
But if you want to keep the house and wants to rent it out and you dont want to take responsiblity of dealing with renters then contact a property management company who can work with you to arrange rentals and rents, you have to give some fees to them monthly to manage all these things for you.
I hope any of these suggestion would help or at least give you some ideas...Good luck.
Knowledgeable short sale agents are imperative to close a successful short sale escrow. Do your research before hiring a Realtor.
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Pay off the house with your income and move to the city where you want or sell it. walking away from your loan is stupid.
... and, it's free and anonymous
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Sell, Walk away, Rent?
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agdparker
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In September of 2005, we purchased a new house, selling our old one, putting 130K down on a 390K mortgage. The new home had 4 bedrooms and was 400+ more square feet. My sister and her son have now moved out and are no longer helping us with the mortgage. In addition, my wife recently graduated from nursing school and has accepted a job 1.5 hours (one way) away from our home. I've been commuting 1 hour (in the same direction as my wife's new employment) for 7 years, so the possiblity of being closer to home is nice.
Ok, all that to say that we're now looking at moving, but we're not sure what to do with our existing home. Unfortunately, it's located in a county that regularly ranks in the top 5 of most UNaffordable housing markets and highest foreclosure rates. The mortgage is currently around 2k and I think we'd be lucky to get 1300 in rent. Our accountant says renting would be beneficial, tax-wise, to us. We owe about 250k and our current market seems to indicate we'd be lucky to get 200k for the home now.
I am very uncomfortable, however, with extending ourselves financially with the purchase of a second home. In the new city, we'd likely be able to find a home to buy for around 200K. Rent of simlarly-sized homes is about 1600. We will have a combined income of around 130K (gross).
We are current with our mortgage payments right now. I've never been a landlord and frankly don't relish the thought of doing it, especially being an hour away from it. So, what are the best options?
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