Profile picture for Giggagirl

Should I try and sale my home even though I will get far less than I paid for it?

I want to get rid of my home because we cannot afford the mortgage.  Do I try and ssell the home even though it is far below market value just to get rid of it?  This will bbe a short sale or do I try and get a deed in lieu?  Should I try and stick it out even though we know we cannot afford the home until times get better?
  • March 08 2011 - South Euclid
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.

 
 

Answers (2)

The best thing you can do is sell it before you lose it.  You must first contact your lender and talk to their loss mitigation department.  Your first step will be a "hardship letter" explaining your situation.  You need to find a a Realtor who is a certified short sale specialist in your area.  Yes, your credit will take a hit but with a short sale it's usually 3 years rather than 7 with a foreclosure.
  • March 08 2011
  • 1Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

You can try to sell the home as a short sale but your credit score will reflect that decision.  You may not be able to obtain another mortgage for several months to several years after a short sale.  Try talking with your lender to see if you can have your mortgage modified.  This could lower your payments and make your home affordable.  Although this process could take a couple of months it would be well worth your time to see if you can get a modification.  If you are unable to modify I would speak with a financial expert and a Realtor about your situation.

Best of Luck!
  • March 08 2011
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.