Home Selling in Bakersfield>Question Details

Beth, Both Buyer and Seller in Bakersfield, CA

Own a home in Bakersfield and in Granada Hills, CA. Currently we are renting the house in Bakersfield and

Asked by Beth, Bakersfield, CA Thu Aug 13, 2009

thinking about selling it. The only problem is that the value of the house is about 100K plus less than what we owed. Can someone please advice us on what's best to do. FYI..the people renting is only paying half of the mortgage, we're paying the rest. This is so because we can't really rent it out for any more than what the area is renting...

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2
Beth
IMHO you should tough it out and try to hang on to it. In order to qualify for a short sale you need to show hardship (death, divorce, medical bills, etc.) and be insolvent (unable to pay your bills). Would you qualify?

I think a better approach would be to try to obtain a loan modification if you have cause.
0 votes Thank Flag Link Thu Aug 13, 2009
Keith Sorem, Real Estate Pro in Glendale, CA
MVP'08
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Since your Bakersfield home is worth less than what you owe, you would most likely end up selling it as a short sale. To do so, you would have to prove a hardship and this would also affect you credit rating for some time - we wouldn't recommend doing this unless it was absolutely necessary.

If you are comfortable taking care of the payment in excess of what you collect in rent, you may want to just hold on to your home until the market turns around, otherwise it may be a good time to contact your bank to see what your options are.
0 votes Thank Flag Link Thu Aug 13, 2009
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