If our house is worth half of what we owe due to economy, how do we sell cause we need to move?

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If our house is worth half of what we owe due to economy, how do we sell cause we need to move?

Husband bought the house before we got married. We now have two kids and not enough room. We are currently haven’t family issues with being so close to in-laws and we need to move! What are our options? (House was bought in 2005 for $140K, market says roughly $80. We owe $125K ish)

Asked on November 7, 2011 under Real Estate Law, Georgia

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 10 years ago | Contributor

If you can continue making the payments on this property and afford to buy another home that is bigger, I recommend that you rent out the home you are writing about. If you cannot afford a new home and the one you are writing about, you should consult a real estate agent as to the practicalities of doing a short sale of the home.

You need to be very careful in a short sale situation that if you sell the home for less than is owing on the loan that you are not responsible fo any shortage.

Good luck.


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