Selling house, but unable to make payments (RE agent, arrears, agent)

[mompooh3]

Hypothetical question: Our financial situation has changed drastically. Have to sell the house, but we cannot make mortgage payments any longer. We are NOT in arrears right now, but would a RE agent take on a house under those circumstances? We don't foresee a buyer because of the market in this area, but if it was priced high enough to cover any back taxes owed?

[Squirl]

Rent it out and move to a cheaper place. You may have to subsidize the mortgage payment to the bank if your rent doesn't cover all the home costs. Your homeowners insurance on the house will be less b/c you will drop contents coverage. Or find a realtor who is very familiar and willing to handle a home that needs to go thru the short sale process. Short sale means you will have to get your mortgagee to agree to selling the house for less than the mortgage balance and then either forgiving your debt or coming up with some scheme with you to handle the payoff.

[2bindenver]

Choices are:

To stay or go.

If staying is your focus can you do a loan mod or refi?

Is the hardship temporary?

If you want to leave, and there is no equity; there is bringing money to closing, short sale or short pay

If there is equity than the taxes will be paid at closing with the proceeds.

[Silverfall]

You need to price the house to sell where the market comps indicate it needs to be priced. I agree with others to find an agent that does short sales, price the home to sell and don't worry about the property taxes as they will be incorporated into the short sale process.

[mompooh3]

Thanks all. I just wondered. Hoping for a positive outcome right now.