Cash rules everything! I would have to say yes now is the time to sell with the right help or if you are looking to get a fair price for you home and looking to pick something else up with a bigger gain then you would loose from selling your home! Not everyone can do what some people can do in this business, I dont have tomany listings because i work with so many buyers! With the right help there is no telling what someone is capable of getting you for your home! I would be more then happy to meet with anyone reading this! Don't delay if you are reading this please don't hesitate to read more! @ http://rob_erney.russellrealty.com/
And please recommend me people need to stop using Realtors that just aren't on there clients side! I wouldn't be here right now licensed in two state at my age if it wasn't for what i have done for my past clients!!
...and yes, Tim and Dave are both correct in that if the homeowner is somehow able to come up with all the money to pay off the debt before the home is sold at auction, the foreclosure process is stopped.... more
Sounds to me like you're only option is to sell the property for what you can sell it for, and make up the difference with your lender, out of your own cash.
Also, please make sure to consult with an attorney OR a good tax accountant. The one thing you will need their advice on is making 100% sure that the lender is giving you credit for a complete payoff. I have heard (but have not yet confirmed) that some lenders are now reporting payoffs as foreclosures, when they are not foreclosures.
I did a short sale a couple of years ago where the sellers were transfered out of the area and needed to sell...BOA had the sellers sign a promissary note for the shortage. I don't know how it will effect your credit.... more