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Wife an I are moving in with family. We owe more on the house than it is worth. What options we have

My wife and I are moving in with family to help eliminate debt over the next year. It is across country, and we owe more on our current house than it is worth. What options do we have here? The decision to move is made up as we will be in debt for life if we don't eliminate our House/Water/electric etc bills ASAP. Since we are moving across country, renting seems like an unlikely option as I would not have the ability to play landlord from there. Any advice is greatly appreciated.
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June 04 2011 - Murfreesboro
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Find someone who really knows how to work a short sale and get the house on the market, you must qualify for a short sale so there are specific guidelines you must meet. 
Call me and I can give you a bit of advice on which way to go at this time..timing is everything, don't wait too long , these types of sales do take some time..
Val
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June 07 2011
rent it out, and collect the rent, even if you decide to short sale. I show short sale listings all the time that have tenants in them.

An empty house attracts criminals and vandalism, you aren't doing the banks any favor, or your neighbors, by leaving a home empty. Hire a local agent to handle the rental for a percent of the rent. Even if you decide to let it go to foreclosure. 
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June 06 2011
Renting might be the best choice. Compare several property management companies to check their prices and what services they provide. If you don't know where to start, contact a local agent you trust to refer you to a property management company. They will handle everything from collecting rent to any maintenance requests that come up.
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June 06 2011
Because of the housing market the rental market has been doing great and now the rental prices are up.  That may be an option that will carry all costs for you as well as a possible cash flow.  Have a local agent check that out for you.  Best of luck!
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June 06 2011
I would suggest meeting with a local realtor to see what your home might sell for.  Also, you might look into a property management company that might be able to help you manage your property if you are not in the local area. Good luck with whatever you decided.
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June 05 2011
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If your financial circumstances are different (worse) than when you purchased the property, you may be eligible for a short sale.  You would have to document hardship. 

You can foreclose.

You can send in the keys in a strategic default.

Please talk to your lender.   Good luck!
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June 04 2011
 
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