Hi Milt

There are a couple of options a loan modification if you want to keep the property or a short sale. You should call your current lenders loss mitigation department, explain your situation and fill out hardship or short sale paperwork. Then you will know what kind of payment terms are available with the loan modification and be able to make an informed decision on which option is best for you.

Call your bank and see if you qualify for a short sale. A short sale doesn't impact your credit as bad as a forclosure does. I am short sale certified in Fort Wayne and I would be happy to help you out if you decide to list it.

is your property rented? if it is, that makes it more difficult to sell. ask your tenants if they would consider leaving so you can sell, or you may force foreclosure, which would cause them to leave anyway. Then you will have an easier time selling it, because it will show easier and better.

if it is not rented, and you still cant sell it, then refer to everyone else's answers of short selling or foreclosure.

If you stop making payments the sender will forclose on you.

It would be best to attempt to sell it even if it is at a loss. At least you will have the tax write off and keep your credit in tact. Good luck.

I agree with the other agent. Try your hardest to sell it even if you end up losing some money. It could be years before the negative impact on your credit passes. Try doing a short sale, or better yet what avenues have you tried so far to rid yourself of this property?

If you stop paying, the lender wil begin foreclosure proceedings. This will damage your credit and in the future you will be denied credit or it will come at an increased cost.

Even if you owe more than the value, it may be worth it to sell it and bring $$ to the closing table. That expense might be a smaller price to pay than the limitations placed upon you as a result of a foreclosure. Lower the price and work out the difference w/ the lender. If you really lack the money to bring cash to the closing table, you can look into a possibility of a short sale.

Hi Milt,

It sounds like you owe more than the property is worth in your market. Contact your lender; they likely don't want to take on the additional inventory. Most lenders have a lot of programs and options such as the possibility of a short sale. A short sale would give the lender something less than what you owe.

There is a lot to consider however, things like tax issues if the lender considers the short portion as income. They may also suggest a loan to you for the difference. Be sure you get the whole picture and understand it thoroughly. You may want to consult with an experienced agent and an attorney.

The agent can provide you with a complete understanding and picture of the market and the attorney can consult you on the legal and financial implications.

Best Regards,

George Anton

Connecticut Shoreline Property Specialist
Madison, Connecticut http://www.ShorelineRE.com
george@shorelinere.com
800-759-6936

rent it out, save your credit rating.

The property will eventualy go into foreclosure and have a negative impact on your credit.
You may want to consult with a local Realtor. If you like I could find one for you.