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Hubby got a promotion to move us out of state, unfortunately the market in our area is not great. We have knocked the price of our house down significantly. We don't have any more room to go lower and be able to pay the Realtor commission and the mortgage.
Has anyone been in this situation and have suggestions? I am at a complete loss what to do.
Sorry for your situation, but, it is quite common these days. Unfortunately, a large part of the country is 'upside-down' on their mortgage and not even close to being able to sell their property and break-even (w/wo RE fees). If you can get out without losing the entire benefit of your husband's promotion, you should probably do it.
A couple of alternatives may include: Renting-out your existing property; Seeking relocation relief from husband's company; Looking for a 'property exchange' in the new area; Selling with a lease-option agreement.
Hubby got a promotion to move us out of state, unfortunately the market in our area is not great. We have knocked the price of our house down significantly. We don't have any more room to go lower and be able to pay the Realtor commission and the mortgage.
Has anyone been in this situation and have suggestions? I am at a complete loss what to do.
(1) Is your current mortgage owned by Fannie Mae or Freddie Mac? If so, you may be eligible for the HARP 2 program.
(2) You may be able to reduce your payment and then rent out your home.
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