We have tried renting it out and got a huge headache and no rent in return which is the current financial pinch.
Sylvia, what is a value play sale?
Certainly ask, but be prepared for the answer. What you may find is that they will agree to what is known as a "cooperative short sale" whereby they agree to a short sale and actually give you back several thousand dollars toward a move ( I understand you rent).
A package of documentation must be presented to them which they provide to you, the seller.
A conversation with a short sale expert is vital. Not just anyone who calls themselves knowledgable but can support their results.
Good luck. Also sounds like a value play sale. Banks are also accepting approx 87% of the ask price so it may encourage an offer.
Hope this helps.
Sylvia Morrison keller Williams 609 306 5282
As a Rental, you have a tax deduction on everything, especially losses.
The relevant question is; Can you handle the monthly loss, and hang-on until it is saleable?
The loss you are suffering may be less than the losses you see, both material and the damage to your Credit, if you do a Deed-in-Lieu or a Shortsale:
You want to talk about these things and your options, with your Tax person and a Realtor.