A loan assumption will most likely not work. Bank of America does not generally allow those.
Your best option will probably be to short sale and most likely receive between $3,000 and $30,000 in seller relocation assitance. Bank of America generally has two ways to receive incentive money from them. The first is by cooperating in a governement short sale program called, HAFA. The second is the Bank of America specific program called, the short sale Coop program. Just a few months ago, I helped a homeowner short sale their home and they received $22,000 at closing in extra funds from the lender. You can then take these funds, get into a rental that would hopefully lower your monthly liabilities and help you start saving up some more money for a future purchase. Please contact me if you have any questions, I help homeowners short sale all over San Diego County.
Keller Williams Realty
These are all good answers here! Any of us on this thread, can help you to begin the process of determining the best solution, but we have a few more questions that would need to be addressed before we can really help. You may want to get the current value of the home from someone here to begin with. Finding out who the Lender is and if there is hardship related to your separation and what your goals are will help us to provide more answers as well.
You can also call a couple of the agents here and interview some of them to find a good fit for yourself and your situation. Once you you find an agent who listens, has good communication with you, offers to direct you to the right resources, has your best interest at heart...then it should be a good fit and you will feel it!
Wishing you the best Manuel~
Since the loan is in her name she will have to initiate the negotiations for a short sale or to refinance or a loan modification. But, if you are going to file for divorce, and depending on how you do your taxes, etc. I would definitely consult an attorney to find out what real options you have.
Bonnie Frazier, CDPE, GRI, CRS
Realty Executives -Vista
Depending on what you want to achieve though, there may be other issues.
In the case of a short sale, you wife will have to cooperate and deal with the lender as she is the one on the loan.
Knowing how to navigate this process is best done by someone with experience in this area.
Please let know who what options you're trying to pursue........
If you are living in your rental property now, it would be considered your primary residence now. Do you have utility statements in your name? (evidence) If you are upside down on the property, there may be several good options for you. Please call me to discuss. There are some refinance programs now, that require no appraisal for a re-fi. I have been certified in distressed properties (CDPE) and would be more than happy to share all of the options available to you, so that you can make an informed decision.
Happy to help Manuel! I am in North county too. My Office is in Carlsbad.
Windermere Real Estate SoCAL
300 Carlsbad DR #217
CArlsbad, CA 92008