If you would like a market analysis of the sale and rental market for Odenton let me know. I would be happy to provide it to you. If you would like to discuss your options overall I can give you some direction and answer some questions based on my experience.
Kim

Thu May 8 2008, 07:07

See if any of the resources or counselors in the following or other programs can assist.

Wed May 7 2008, 13:58

Smith
Some basics
To have a lender agree to a short sale you need to be insolvent, meaning you cannot pay your bills. That does not seem to be the case.
You don't mention where you obtained the value "market is $30K less". I would have a Realtor (or talk to two or three) give you an estimatte of Fair Market Value (FMV) and ask for an Estimate of Seller's Net Proceeds" to see what you bottom line is.

You' ll also need a market report showing you real estate trends. Is the market trending up, down , or sideways? Most markets are flat, so that begs the question...how long would we keep it as a rental.

I would talk with a CPA regarding the tax consequences.
For example, let's say it's in great shape now. The home will probably not be treated as nice by a renter, so what would it cost to frix it up for re-sale?

How long witll the market be flat? This could turn into a long endeavor. Is that okay with you? Plus you have this property keeping you both in contact, making deciions, etc.

Divorce is one of the main reasons that homes are sold.
You probably have other assets that are being divided. Do you really want to invest time and energy in renting a home, for who knows how long?

Some lenders will issue a promissory note for the difference , at no interest, for a set length of time. Net that against the other assets, see where you end up.

PS I would vote from trying to reconcile first.

Wed May 7 2008, 13:30

first u and ur old lady should stay together, luv is forever right.. if not u could deed it over to tthe bank once ur past due, to avoid foreclosesure, or file bk if ur already past due, a good bk attorny can reaffirm a realistic value for the home, and that's what youll pay on, bottom line ur screwed.... maybe one of you can stay in it and make the mortgage payment..let me know how it goes

Wed May 7 2008, 09:50

Monique and Carlos both provide good advice. What they don't know, because it appears that they do not practice real estate in the area, is that Odenton is a great rental market because of it's close proximity to Ft. Meade, NSA, and major communting routes into DC & Baltimore. Your best option in this case may be to rent.

Best of Luck,

Dennis Skelly
Ricker Realty
www.RickerRealtyHomes.com

Wed May 7 2008, 09:50

Do not let the banks bully you in to thinking that you cant do a short sale. The truth of the matter is that you can do a short sale. In the over all You need a expert short sale agent that can guide you thought the process. An agent that wont take no for answer from the banks. If there is a will , I can a sure you there is a way. Stand strong.

Wed May 7 2008, 09:27

Renting out is probably your best solution. Looking at the market is like looking into a crystal ball, it can be hard to predict. Also each market is different. I've heard reports that the market is expected to break and improve next year. You could take a year's lease and see where the market is at next year.

Wed May 7 2008, 09:22