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Want to downsize, but not sure if selling will cover present mortgage

We are not late on payments, but my husband has been a worker's comp for a year. 
We want something more affordable, as he may never go back to work. This house is too big for us anyway. Any suggestions?
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July 29 2012 - Orlando
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Answers (4)

You are certainly not in a unique position, Donna. Check with a local Realtor who can do a CMA ( competitive market analysis) on your home and let you know where you stand. I've had a couple of sellers determined to move, and have come to the table with money to move forward. Hopefully this won't be your situation:)
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July 30 2012
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Well Fargo
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July 29 2012
I would consult with a local real estate agent and have them prefor a CMA for you and a net proceeds sheet so you can figure out exactly where you are at based on current market value, selling costs, and mortgage payoff.  From there they should be able to help you make the best decision.
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July 29 2012
It sounds like you have a hard ship and may be able to get into another home and short sell your existing home at the same time.  You don't necessarily have to be late on your mortgage payments to qualify for a short sale.  Who's your bank?

Deena Carvajal
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July 29 2012
 
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