“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 / Dont Sell
Thats an option, though it may not work for you.
B. Come Up With The Difference
Again, this may not work for you, but itll 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 theyre owed in order to allow a sale. Its not easy and has several downsides.
D. Foreclosure
Im definitely not advocating this, but for some people its 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.
