Zillow Advice: When to Sell - Should I Sell or should I go now? http://www.zillow.com/advice-thread/Should-I-Sell-or-should-I-go-now/462485/ Zillow Advice | Zillow Real Estate So, assuming no second, you ... http://www.zillow.com/advice-thread/Should-I-Sell-or-should-I-go-now/462485/ So, assuming no second, you presently have 24 years left on the loan... if you owner occupy and refinance for 30 years at 3.25% (hopefully with no costs), you reduce the payments to $2770 per month.<br/><br/>But that only works if the present market value (lender appraised value) is more than $795k.<br/><br/>Otherwise, one would need to pay down a sizable portion of the principal balance first.<br/> Thu, 04 Oct 2012 04:57:00 GMT http://www.zillow.com/advice-thread/Should-I-Sell-or-should-I-go-now/462485/ 2012-10-04T04:57:00Z You typically can't "short ... http://www.zillow.com/advice-thread/Should-I-Sell-or-should-I-go-now/462485/ You typically can't "short sale" income properties, and regardless, you would need to show financial hardship before a short sale would be accepted, since you would be asking the lender to take the loss instead of you.&nbsp; You should also check your modification documents; you likely agreed to some additional terms that didn't apply with the original loan.<br/><br/>If you need to short sale, you will likely need to move back into the bigger house and rent out the smaller home instead, so that the house being sold short is your "primary residence".<br/><br/>By the way, average interest rates now for those with good credit, 20% equity, owner occupied... for 30 yr fixed is now about 3&frac14;%, so if you moved back in, perhaps you could refinance to more favorable terms.<br/><br/>See the thread<br/>"<a href="http://www.zillow.com/advice-thread/Rates-on-the-move-again/412191/">rates on the move again</a>"<br/><br/>You mentioned this loan was the "first" implying there is a second lien on the property, but you didn't give any clue of the size of this loan, nor the rate and terms.<br/> Thu, 04 Oct 2012 04:43:00 GMT http://www.zillow.com/advice-thread/Should-I-Sell-or-should-I-go-now/462485/ 2012-10-04T04:43:00Z Talk to your accountant, ... http://www.zillow.com/advice-thread/Should-I-Sell-or-should-I-go-now/462485/ Talk to your accountant, CPA, or lawyer about what the implications are for you in your situation.&nbsp; Many short sales are successfully going through for people who "can afford the home".&nbsp; Some banks accept being underwater as a good enough reason and some don't.&nbsp; Check with your bank to find out what your options are, talk to your cpa, and talk to a local realtor to give you advice on what the options are.&nbsp; Many areas are improving ... Wed, 03 Oct 2012 21:50:00 GMT http://www.zillow.com/advice-thread/Should-I-Sell-or-should-I-go-now/462485/ 2012-10-03T21:50:00Z What are the implications ... http://www.zillow.com/advice-thread/Should-I-Sell-or-should-I-go-now/462485/ What are the implications of a sale below what i owe the bank..&nbsp; I dont know if i would qualify for a short sale based on my income.. And I dont have an extra 100 in the bank to pay off the remainder of the mortgage.. Wed, 03 Oct 2012 20:34:00 GMT http://www.zillow.com/advice-thread/Should-I-Sell-or-should-I-go-now/462485/ 2012-10-03T20:34:00Z You mentioned the market ... http://www.zillow.com/advice-thread/Should-I-Sell-or-should-I-go-now/462485/ You mentioned the market rate for sale; but, what about the market rate for rent? Even at the increased rental rate, you will not be able to cover the costs.&nbsp; Is the rent still below the market at the increased rates-- or did you overshoot and thus will have potentially empty units at the new price?<br/><br/>I recommend finding a good Realtor to discuss the local market, the local trends, etc.&nbsp; In South Florida the rental market is tight: I presume is similar throughout the country.&nbsp; This might be to your advantage.&nbsp; Would be helpful to know for analyzing a sale as a buyer might want to have that information on which to base a buy decision.<br/><br/>I think you need to get more information from a professional in your area on which to get the numbers "tighter" before making a call.<br/><br/>Best of luck!<br/><br/>Michael Wed, 03 Oct 2012 19:00:00 GMT http://www.zillow.com/advice-thread/Should-I-Sell-or-should-I-go-now/462485/ 2012-10-03T19:00:00Z Sell it! That property sounds ... http://www.zillow.com/advice-thread/Should-I-Sell-or-should-I-go-now/462485/ Sell it! That property sounds like it will eat you up eventually. And what happens when a major expense pops up?&nbsp; I'd say take your lumps and move on. Wed, 03 Oct 2012 18:45:00 GMT http://www.zillow.com/advice-thread/Should-I-Sell-or-should-I-go-now/462485/ 2012-10-03T18:45:00Z