If your home is priced correctly and intensely marketed via the internet you can sell your house. If you will provide the street address in Brooksville I will provide you with my estimate of the suggested sales price.

Carrie
There is a proverb that says wise is the man who uses the council of many.
I strongly suggest that you discuss your problem with a Realtor that has short sale experience and knows the local market.

The best time to start the process is before you are in default so you have time to develop options and think clearly.
In most cases options range from:
1. Restructuring your present loan so it is more affordable
2. Conducting a short sale (sell for a loss). However, in both of these cases you will need to explain how you qualified for the mortgage at one point and now you do not. Sometimes called a hardship letter, you need to be able to make a compelling case.
3. Allow the home to go back to the back, or into foreclosure.

Bear in mind in any of these possibilities it is very likely that they will ask for a financial statement and will ask you to participate in the short sale..meaning if you have equity in your primary residence, that may be a target, along with 401ks, stocks, bonds, cars, boats, etc.

Carrie,
You didn't mention if your home is on acreage? This would increase the selling value. Otherwise, have you considered renting your home? Renters can carry the load (or help) of a mortgage payment until the market recovers a bit more. We run background and credit checks on potential renters to assist you in locating a qualified and quality tenant. Please call or write with any questions you may have.

Hi Carrie,

I just sold a home down the street from you last month (on Yellow Lemon Tree Lane). Unfortunately, if you owe $260,000 on this home and it's got 1950 SF of Living Area, you are in some trouble. Do you have cash to bring to the table? If not, you should absolutely consider a short-sale. Given the dramatic change that is happening in your family, the chances are reasonable that you can make this happen.

There are some important questions you need to answer before being able to move forward. Please feel free to contact me at your convenience at http://www.HernandoLuxuryHomes.com - I'm happy to help however I can.

Thanks

-Josh