Profile picture for helenm29

want to move but owe more then the house is worth!

moved into brand new 3 bedroom, 2 bath house on a corner lot in 1990 for $179,000.  Owe $330,000 but need to move closer to work and don't know what to do to sell the house. Have up graded kitchen from top to bottom and both bathrooms. what should I do to try and sell?
  • February 21 - Tracy
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Answers (7)

Visit with a local Realtor® to get a market value on your home. You might not be in as difficult spot as you think...
  • February 22
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Profile picture for Brad Young1

You need to find out how much your home is worth now. Prices are up sharply in Tracy so maybe you are not upside down. Or you could do a short sale but that will limit your ability to get a loan for another home for at least 2 years. Please go to my profile on Zillow and send me a message. - Brad

  • February 21
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Profile picture for wetdawgs
A situation like this makes me very sad.    You've owned the house for 23 or 24 years so at this point should have considerable equity and  in 6 or 7 years would have been mortgage free.   Somewhere more than a quarter million dollars has disappeared.  
  • February 21
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There are many options.  Depending on who holds the mortgage, would determine options available to you.  For example, FannieMae has a program where you can simply walk away from your mortgage under their Mortgage Release(tm) program.  This is part of the Servicing Alignment Initiative and replaces the deed-in-lieu of foreclosure workout.   There are steps to qualify for this.  If you have been adversely impacted by the housing market, you have benefits available to you under many, many programs. Plain and simply, there are always options to get where you need to be but you need to check on who holds the mortgage because this will determine steps you would need to take.

I would contact a knowledgable Realtor or Mortgage Advisor.

  • February 21
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Hi Tracy-

It sounds like you're upside on your mortgage. Many homeowner are in this situation as well, so your are not alone! 

Have you talked to your lender about a short sale on your home or a loan modification?  A short sale is where you would sell your home contingent upon the lender accepting less then is owed on your loan.  There are tax consequences as well as selling this way will affect your FICO scores/credit.  It is an option to be able to get your home sold and you out from under this debt.

I suggest contacting a local trained Realtor with Short Sale skills to help you navigate the process. 

You also could bring in the difference from the sales price to the loan amount at closing. 

Another option would be to rent and or lease your home and if they rental amount you receive isn't enough to cover the mortgage amount, you pay the difference and as soon as the market is at a point where you can sell without a loss, you list and sell at that time.

Good luck.
  • February 21
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Hi Tracy,

Thanks for posting your question. There are several ways you can achive this.

[self promotion deleted by ZIllow moderator. Please see our Good Neighbor Policy for posting guidelines]

Best,


  • February 21
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Profile picture for wetdawgs
The first step is to find out exactly how much your home is worth at this time.  You could hire an appraiser or invite two or three agents to provide CMAs. 

If you wish to sell and purchase a new home, you may need to bring money to closing to make up the difference between what you owe and the sales price. 
  • February 21
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