a friend of mine has had a house on the market for almost two years. If he drops the price any lower, he will
owe the bank but because the market is in such a mess, homes in the area are selling for 50-100 grand less than they should be. I know this is a problem all across the country. He doesn't want to just walk away like I've read many are doing, but after two years it seems there is no hope. I told him stop making payments, put the mortgage in distress and then try to short sell. What are his options?
A short sale is the answer, and you do not have to be delinquent in order for a lender to consider a short sale. More info on my blog: http://www.short_sale_expert.activerain.com
Cda he can take the home off the market and wait it out like some people are doing. Another option is to bring money to closing to sell his home. I have a couple buying a home that has been on the market over a year. The sellers are bringing 21K to be able to sell the property.
Also Cda I would not want to be the person to tell someone to breach a legal contract.
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