i feel for you but what if you were in my shoes my husband had 2 heart attacks and had a brain tumor removed last october and we had to file bankruptcy and lost everything and now i am trying to buy a house with owner financing ,i have been told by a lender that in 2 years they will give me a loan if i can find someone to work with me for that period of time and i can't find anyone who will take a chance on me. you know it's real frustrating i pay my bills on time have always met my lease payment on time ,i want to say i don't blame you for not wanting to help someone like me who never meets my payment on time .they know i pay good but you know i have that big stamp on me that says bankruptcy it's like having the plague.i really wish you a lot of luck and hope you sell real soon if you would maybe give someone a chance like me they could make that payment instead of you .they can do a deed of trust for 2 or 3 years ever how many you decide on then thaey have to get financing to pay you the rest of what they owe you in full or you can take it back.

Times are tough right now, but there is hope. There are some great things being done to help out people just like you. There are loan modification programs offered by various lenders to help adjust payments via 40 year loan terms, reducing the interest rate and some lenders are willing to re-negotiate the actaul principle balance.

A short sale is also an option. I have sold many this year and as painful as it may be to walk away from the money down on a mortgage sometimes just getting out from under the burden and stress of owning a home worth far less than you paid for it only a short time ago is a God send.

I am more than happy to give you any information I can to help regarding loan modification options or short sales. Homes are still selling and the tide will turn again, but no one has a crystal ball to know when. I am finding that taking steps no matter how small is helping to make a difference in the market.

There are home buyers looking I have sold 4 homes this month and have 2 more buyers looking and hoping to close before the first of the year.

Dear Katrina,

We too were in the same situation only we moved from Michigan to Salt Lake. We lost over 300K on our house and are looking to lease a house in the Cottonwood area. Please contact me at lsimpkins248@comcast.net if you are interested in a 1-2 year lease until the market get's better.

Lsimpins -

Hi Katrina,
I am a realtor in Austin, TX and also licensed in Utah. My house has been on the market since July and I completely understand your frustration. After reviewing the situation in the Austin market, I have determined that price is not the issue. I too have lowered the price and I am still not getting offers. It's perplexing because I live in a very desirable neighborhood with top rated schools. I think it's the media hyping the market and scaring the buyers away more than anything.
As a side note, my plan is to move to Utah when my house sells. I will be looking for a home to rent and have been a bit discouraged about the lack of good inventory. Tell me about your house, where it's located and how much you would be asking in rent. Who knows if we like it we may be interested in buying it! You can email me directly at DiSellsHomes@gmail.com.
Thanks, Diana

I am sorry to hear about the problems you are having. I will pray for you. From what I am hearing about the market in Utah it is tough right now. Here is a great story I heard one time. 2 guys from Mexico was trying to sneak into America. They were riding on the underneath of the train. The ride went for 2 hours. One of the guys said I cant hold on any longer. The other guys said just hold on a little longer. 5 minutes later that same guy said, my arms are shaking, I cant hold on any longer. The other guy said we got to be close, just hold on a little longer. 5 more minutes went by and the first guy said I cant hold on any longer, good bye. He let go and the train killed him. 5 minutes later the train stopped. The 1 guy that said kept holding on, today is a multi millionaire from real estate. This was a true story. I read this in one of his real estate books. I wish I remembered who I got this from (sorry). He holds siminars now and says the point of this story is that if his friend had held on for 5 more minutes he would of been standing beside him today. The moral of the story is that it doesnt matter what loses you take it only matters how long you can keep going. I hope this helps you mentally.

Hi Katrina,
You should have rented 18 months ago, but I guess hindsight is 20/20. Are you thinking of buying another house soon? Maybe wait a few years to buy. Good Luck

Katrina
You have some great answers here. I recommend that you do a couple of things:
1. Get the facts. Talk with a Realtor experienced in Short Sales. If you do not have one contact me via my Trulia profile and I'll help you find one . You need someone that is an expert in your area market values, negotiating with banks, and can help you analyze your options.
2. Talk with a pastor, someone that perhaps is a counselor, about your stress. We do not make the best decisions when we are stressed out, and you need to make some important ones.
3. Call 1-888-995-4763 and talk with a counselor visit http://www.hopenow.com
4. www,hud.gov has helpful information also about options for home owners.
5, What ever option you consider, i would talk with a CPA. There are tax implications that you should consider in any course of action.

Hope to hear from you today.
Keith

Katrina,
Miller and Company provides both a full service brokerage, selling of properties, and a property management department, leasing and management of single family homes. We are a local company in Salt Lake and have been in business since 1981. I believe we can find a quality tenant for your home now if that is the best option. I have helped execute 12 lease to own options between lessee's and home owners in the last 2 years. Contact me and I would be happy to go into more details of our leasing and renting programs. I can be contacted at 801-450-7428 or visit my website at http://www.kristiejensen.com. From my home page you can access our property management website to learn more about Miller and Company property management.

Kristie Hebseb

Your situation challenging but not impossible. I recommend your Realtor give you a current and detailed market analysis focusing on days on market and absorption rate for your home in your location (not just your neighborhood). At the same time discuss with them what the current marketing plan is to sell your home. For example, where and how online is it being advertised? What is the feedback you are getting from open houses. Does your home have a property web site? Then, how can the current plan be improved. Second, I would talk to your lender about your situation and see if you can renegotiate your loan (not refinance). Third, I would talk with your accountant and/or CPA and discuss the impact of selling your home at any size loss.
I get the impression from your question that you would benefit from knowing ALL your options first before counting on another price change to make a difference. Good luck, Emily Medvec

You are not alone. Many homeowners all over the country are facing what you describe. Have you contacted your lender to talk about loan modification? Is your property on the mls? You ask "how low do you have to go"? It is all about price, as always, and your home needs to be the best home in it's price range. Is your realtor experienced with short sales? If you are in the home buying/selling process, it is imperative that you work with an agent knowledgeable in the current market. Please feel free to email me at carla@carlarichmond.com.

Loss on sales of a house could be a tax write off. Have you contacted your lender perhaps have the home sold as a short sale. Bank will require documentation, and hardship letter. Is your home listed with real estate agent? Have you considered a lease purchase at times that attracts more buyers. HOWEVER if you are paying rent & mortgage then consider how many months of double payments vs. dropping the house. In some instances as investors, business owners, we have to know when to cut lossess move on.
http://www.lynn911.com http://www.homes-for-sale-dallas.com

To make your home more appealing to buyers in the area, ask your agent to recommend a home stager.
Also request a BPO and ask if s/he has any financial packages to advertise with the property.
As a last resort; consider taking the loss on the sale of your current home and making it up on the home in your new locale. Ask your agents in both locations to run the numbers for you.

Good Afternoon Katrina,

With renting your house you should have an gent who is familiar with lease options, your best bet may to offer it as a 2 year lease option. you can get a little higher rent than normal and may attract more potential people. The renter should be prequalified for a loan, have good credit but no money for a down payment, build 3% into the sales price for the buyers closing costs. You should then built in 5% of the selling price towards the buyers down payment. didvide that amount by 24 monthsif they want a monthly amount. the tenant should be able to pay the first months rent and the 1 months security deposit up front. You should write in that theonly get the cfredit if they buy within that periord. Make sure you write in that 4 months prior to the end of the lease the tenant has to make formal application for a mortgage, if they do not, they choose not to or are turned down, teh tenant must allow you to start showing the house to potentual buyers and the lease will end with a 30 day notice if you find a buyer. good luck with working it out

Katrina,

I understand and feel your heartache in your post. Please keep in mind that you will come out of this alive - even though you don't feel like it right now.

First things first, all you can do is all you can do. Do your very best to sell the house and continue to try to pursue a break even sale. You may however need to begin to discuss a short sale with the bank. Do a search on Trulia Voices for "short sale" and you will find plenty of great advice on how to get it done.

In the mean time, go find some work, anything will do in the short term. Deliver pizzas, wait tables, work at McDonalds - this will help stem the tide until you find better work.

Next write out a budget - every dollar in and every dollar out. Prioritize your spending, focus on food and shelter to start and then pay each bill in order of priority, once you are out of money you are done. Those that don't get paid will scream, but remember all you can do is all you can do.

Drasitcally cut your lifestyle - do you have car payments? - sell the car, buy a $1000 beater until you get back on your feet. Do you have two cars and only need one? - sell the extra one. Remember that eating out is a luxury, so is cable, starbucks and the newspaper. Put your student loans on hardship deferral and start clipping cupons for groceries - every little thing adds up to a big total in the end.

It will be painful but you aren't going to crash as long as you are willing to make drastic cuts now in order to save your entire financial situation. Good luck and post back with more questions.

Check out http://www.daveramsey.com and read one of his books "The Total Money Makeover" or "Financial Peace" - if you can't afford one - check it out from your local library.

Cameron Piper