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Old 01-23-2012, 02:15 PM
 
1,253 posts, read 4,339,291 times
Reputation: 628

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Hoping someone here can point me in the right direction.

My house is worth about $240,000 and I owe the bank $275,000. I have been offered a good job out-of-state so I am trying to decide if I should rent my house out at a loss of about $700 per month or try to do a short sale or just walk away from my mortgage.

I would like to avoid walking away but I also don't have the $35,000 or more that I would need to properly sell the house and pay my bank.

I am not sure I would quailfy for my bank's short sale program since I don't really have a financial hardship. I just happened to buy my first and only house in 2007 at the worst possible time. I currently have a good job and can make my mortgage payments and have always done so on time.

Ideally I would like to get a loan for the $35k and pay my bank back that way at a low rate (hopefully under 6%).

Anyone know if this is possible? Can you think of other ideas?

Thanks!
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Old 01-23-2012, 02:29 PM
 
297 posts, read 669,037 times
Reputation: 304
If it sold for $240,000, that is not what you would get. Far less when all the fees are paid!

Talk to a real estate person and see how much you would get, then go talk to your bank and see what they say.
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Old 01-23-2012, 02:53 PM
 
1,253 posts, read 4,339,291 times
Reputation: 628
I am trying to work through some of the governmental assistance programs which might be useful for other people who are trying to figure this stuff out

Finding the Right Program
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