“We really want to sell our home, but we owe more than our home is worth. What options do we have?”
***ANSWER:
A. Do Nothing / Don’t Sell
That’s an option, though it may not work for you.
B. Come Up With The Difference
Again, this may not work for you, but it’ll save your credit and get you out of the home.
C. Do A “Short Sale”
Get the lender to agree to take less than what they’re owed in order to allow a sale. It’s not easy and has several downsides.
D. Foreclosure
I’m definitely not advocating this, but for some people it’s the only or (dare I say) best option. Obviously, it would severely damage your credit. Not-so-obviously, for owner-occupants in some cases it results in a tax bill for “cancelled debt”.
Discover Your San Diego Home Value Online FREE…
