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I Just Want Out!

Underwater Homes
There are several ways to sell your house. Some of them are better for you than for the bank. The banks prefer the methods best for them. We will discuss them in order of what's best for you, the homeowner.

By the way, you don't generally need a lawyer if the bank gets what they want. On the other hand, if a good lawyer can save you more than his/her cost to you, it's worth it!

Final Solutions (Lose the house, but stay solvent)

  ♦ For Sale By Owner: I Would like to trade my current home for a similar one at a current market reflecting lower price. Can I sell my current house at or near it's value, then buy another house with a more affordable mortgage? This would allow me to catch up, and take the stress out of my fiscal life! If this sounds like you, read more ...

  ♦ Lease Option: When you owe much more on your mortgage than the house is worth, and you can't afford to keep it, the bank may prefer to foreclose on you rather than work something out. Selling your home over time will allow you to get much more for your house than it is currently worth. This won't destroy your credit; just walking away from your home will. Basically, your Leasee won't mind paying more than current market (allowing you to keep up your mortgage payments) if they know they will have an opportunity to buy it at a later date. And without the extra time it would be impossible to resell your home at the price you want ... courtesy of the current actual market value.  more ...

  ♦ Short Sale: When you owe more on your mortgage than the house is worth, and you can't afford to keep it even though you want to, this is the best way to cut your losses. You get to start over again without bringing the big obligation along. This won't destroy your credit; just walking away from your home will. Basically, your lender will accept a lump sum payoff that is less than your principal balance for only one reason; without the reduction it would be impossible to resell your home courtesy of the current actual market value.  more ...

  ♦ Deed in Lieu of Foreclosure: If you can't make your mortgage payments, and you don't qualify for one of the better options, this is better than just walking away from your loan. Basically, this amounts to giving the bank your deed in exchange for what you owe them. It may not get you off the hook for any second mortgages. This option can be quite lucrative for the bank, and usually cost them less than a foreclosure would, so they have come up with a few interesting incentives. One of them is Six Months Free, allowing you to save up a little before moving. The other is Cash For Keys, in exchange for moving out quickly without destroying the property.  more ...

  ♦ Bankruptcy: When you can't pay several of your creditors, not just the mortgage, then you may need the help of the court to get out of your dilemma. Explore every other option first; this should be your last resort. Bankruptcy could prevent you from getting back into a new home when you want to, and it will impact your credit more than any of the other options.  more ...

Note: If the above options won't work for you, and you believe that you will Lose the house anyway, but you still hope to stay solvent, we may still be able to help!

To better understand which option is best for you, the headlines above have direct links to more information on this website for your convenience.

Integrity Policy:
We personally believe in Karma - what goes around always comes back around. We do our best to help in any way we can. If we give a referral, it will only be with companies that have proven their reliability. If we can't help, we will tell you so without wasting time. The bottom line is that we won't recommend anything we haven't checked out and don't fully believe in. We are not lawyers and have no idea why all the disclaimers are so complicated, but our advisors insist that they be there. We have great respect for your privacy. For more information please review the links below.

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