You can pay the difference at the settlement table, but otherwise there are not a lot of options other than to hold on to the property until it appreciates a little or you pay the mortgage down a little.
If you don't have the $8000 you may want to look at drawing a personal line of credit or some other loan to help get you the money to dump the house, then you can pay back that loan in the upcoming months or years.
Otherwise, you can try to talk to your bank, but I doubt they will approve releasing the lien without going the full short sale route.... more
Have you considered looking into a Short Sale, which is when you speak to your bank about your situation? I don't know if an investment property will qualify for a short sale or not.
Do you know if any other condos in the area have been selling and for how much? I think you're doing the right thing by asking questions. Are you still in contact with the agent who helped you purchase your condo? He/she will be able to get you many of the answers, such as what is the value today, how long is it taking for condos to sell, etc.
Is there any reason why you could not re-rent it to a new tenant and still break even? Is your move to TX permanent or temporary?
I have real estate contacts in the suburbs of Chicago (Oak Park, River Forest area) who might be able to help if you like. "Til then, talk it over with the agent who represented you with your original purchase.
When any seller lists a property thru closing must comply with state laws. FSBO usually last longer on market home owners get tired of their attempts turn it over to professional realtors. You might want to investigate a flat fee listing agent where posted in MLS you receive benefits exposure of other realtors, buyers searching for your home to purchase.... more