The first thing is actually to get in touch with your lender and see if they would accept/approve to do a Short Sale on your house...
If you are delinquent on your mortgage, a Short Sale is usually what the Lien Holders/Banks would allow you to do, it will not affect you as much as having a foreclosure on your record...
Call me for more details or if you have any more questions...
TAHS, SFR, R. E. Consultant/Realtor
I will be glad to offer you my assistance in selling your property and helping you negotiate with the bank/lender.
I am helped numerous homeowners in selling their 'short' properties and avoiding foreclosure in the Spring, Texas market.
Please contact me directly at 281-380-5589 for immediate response.
Only you know what your financial situation is at this time.
Find out realistically what your home is worth - then see if that is enough to pay off anything you owe on the home.
If it is enough, you will be fine, and will not need to look into a "short sale" for your home.
If you don't have enough equity, or the sale price will not be high enough to pay off the mortage and any other house-related debt, then you may very well have to look into other options before you can sell.
Will you be, or are you, upside down on your mortgage (will you have enough equity to pay off the mortgage including back payments), or are you just not able to make the current payments?
If you can find a buyer who pays you enough so you can pay off your mortgage, including any back payments, you should be fine. I hope you are current on your property taxes, as they will have to be paid in full, too.
Good luck and best wishes........
When the house sells, whoever you have your mortgage with will get paid the balance due on the loan including any payments and fees not yet paid out of the proceeds from the sale. If you can't sell the house for what is owed, then you will be resposible for the balance and would need to bring money to closing. If you can't bring money to closing, then the sale would most likely be a short sale. A short sale is when more is owed then the property sells for. The seller asks the bank to forgive the difference. There are requirements in order to do a short sale.
If you are using an agent to sell your house, I would bring this up with her/him. If you are selling by owner, you will have your hands full and will need help. Best of luck