If you are in a situation where you need to sell your home, my first recommendation would be to contact a Realtor to evaluate your property and present you with a Competitive Market Analysis (CMA), so you know how quickly and at what prices similar homes in your area are selling for. If you are not currently behind on payments, but can no longer afford the house and may fall behind on payments then time is of the essence. The sooner you get your home on the market, the sooner you will be able to find a buyer. Be honest when you meet with a Realtor, tell them exactly what your situation is, how much you owe on the house, and how much longer you will be able to afford it. A good Realtor will listen to your situation and develop a plan to help you. This may include working with the bank for a short sale (selling the property for less than is owed), or if you are in an equity position they may be able to convince the bank to lower your monthly payments until the home is sold.
All of these are possibilities, but the first step would certainly be talking to a professional. Our team works here in the St. Louis area and has experience in selling all kinds of homes. Please feel free to visit our website and let us know if we can be of assistance.
The Best Seller GMAC Real Estate
"Short Sale Specialist"
There are a number of things that need to be taken into consideration at this point. If you are NOT behind in any payments, then your home would be a "regular" home sale. If you were behind in any payments, your home would be a "Short Sale" and once you reach a certain point in being behind in payments, your home would become a "foreclosure" sale. Note that in a short sale or a foreclosure sale, your mortgage lender has to be involved in the sale and it can take much longer to sell. (I've seen some short sales turn into foreclosures with contracts on the table because of the time the mortgage lender took with their paperwork).
Other factors that come into play are the condition of your home. If it's in good condition and you have the money to handle any repairs that may come up with a regular home sale's building inspection, that is typically the best route to take, sicne it will net you the most money for the home. However, if you do not have enough money to handle any repairs that you expect would come up with a building inspection, or you want the home sold much faster and in "as is" condition, then it can be best to deal with rehabbers. (Typically a rehabber will pay you 60% of the going value for similar homes in the neighborhood that are in good condition).
A Realtor can go through your home with you and help you to determine which way would be the best for your situation. A good Realtor will also have rehabbers that they work with, who are reputable and who will give you a fair price for your home. (There are many out there who are not reputable, and take advantage of sellers, so please talk to a Realtor first to find a good on. A Realtor will typically have several rehabbers that they can recommend, so you can get bids from several if you decide to go that route).
Other things to keep in mind when putting your home on the market, are what the market conditions are in your neighborhood. If there are 20 homes on the market in your neighborhood right now, and typically only 3-4 sell in your neighborhood in a year, then you will need to ensure that your home has the "WOW" factor, in order to get it sold. By "WOW" what I mean is that it needs to be more appealing to prospective buyers than the other homes are. They need to walk in the door and say, this is "GREAT", I don't want to leave and the price point has to also be competitive with the other homes in the area. If not, your home will help other people to sell their home. A good Realtor will guide you through what needs to be done to your home to give it the "WOW". In the process they will tell you what needs to be fixed, and what really doesn't matter in terms of how quickly things should help you to get a contract and what the price difference would be (for example, fresh paint may not improve the price point that you get when you sell your home, but it WILL improve how quickly the home sells, which decreases the number of mortgage payments you have to make, along with the amount of taxes, insurance, utilities, etc that you will pay, so typically you make money painting a home before it goes on the market.
Let me know if you need any help. I'd be happy to go through your home with you and help you to determine what you need to do with it. I have numerous rehabbers I can refer you to as well.
Now, a legal consideration that you need to understand, the State of Missouri has marital rights laws. What that means for you, is that once you are married, you will automatically own part of the home that your future husband just bought AND he will automatically own part of the home that you currently own. Even with a pre-nuptial agreement, the spouse has to sign a marital waiver when a property is sold, and to put the property on the market, both spouses have to sign the listing agreement and any contract negotiaton documents.
I am sorry to hear about your situation
I agree with Carrie that you should consider speaking with an attorney. I am not an attorney (disclaimer).
There are two separate issues here:
First, your residence. I am puzzled why you are no longer able to make the payments on your mortgage. Whatever the reason, try to avoid being caught in that situation again. Also, there is a difference between not being able to make payments and having a foreclosure problem.
Randy has a good suggestion about talking with a Realtor. This is why it is important to you:
You need to know the Fair Market Value of your residence. I would then have the Realtor prepare an Estimate of Seller's Net Proceeds. This estimate will tell you if you sold your home approximately how much you would have as cash profit, or how much you might owe.
Work with your Realtor to develop a plan that will help you achieve your goal. I strongly suggest speaking with at least two Realtors, maybe three, to get a feel for who might be best suited to serve you. And remember, it is not about who provides you with the highest price. It is who understands your situation and you believe will help you the most.
Second is the matter regarding "everything's in his name". This is where the attorney comes in. IMHO you should know up front where you stand. My mother re-married a few years ago and she and her husband agreed to keep their assets separate. Generally speaking what is owned by one party before the marriage is not considered community property, but personal property. However, I am sure that you have concerns about what might happen to you as you get older, what happens if the marriage does nto work out, etc. In many cases couples marrying later in life have a prenuptual agreement drawn up. Not necessarily to protect yourself from your spouse getting your assets, but more to clarify, for example, what will happen when your husband dies? Will you have right to live in the home that he bought? What about retirement savings, etc. So please discuss this with a competent attorney.
Lastly, selling your home may not be in your best interest. I would ask the Realtors the fair market rent value for your home. You might want to consider renting it out for a year. If you can swing it financially, you would probably be better off to keep it as a rental for retirement income unless you have no alternative but to sell. Definitely consult with a CPA before making a decision. There are tax consequences, however the benefit would be that you would have some relatively secure retirement income and you would own it (not with your new husband).