I'm sorry to hear about your situation, it's never easy. You have three options when you need to get rid of an underwater home (not sure you'll like any of them):
1. Allow the home to foreclose - do nothing and you won't own the home before long.
2. Short Sale - get your bank to agree to take less than the balance owed and short sell the home.
3. Sell and bring in the difference at closing in cash.
Obviously from a lender's perspective (which I am) the best option is number 3. If that is not an option, it is better to short sell than it is to allow the home to foreclose. The waiting periods are shorter to buy again for people who have short sold versus those who have been foreclosed upon. It typically has less of a credit impact as well. I have seen people who have had a short sale within the last 12 months who's credit scores are still in the mid 700s, which is pretty amazing.
If you want me to put you in touch with a local short sale specialist, just reach out to me through my profile and/or website and I'll have them contact you to begin the process. They'll handle all the work and negotiating for you.
Best of luck getting everything sorted out.... more
Unfortunately, the address you provided cannot be found. It is not in the tax records either. Please check the address and resubmit your question or email me directly with the correct information and I'll provide you with the property status. You may also call me at (520)456-4123 for an answer to your question after clarification.... more
your garage conversion sounds like a great idea! Because you have an additonal garage you will add space, and not take away a feature. You have the right idea that improvements you make are for you & your family, if you can recoup the money and add value to the house it will also help with resale and add value to your home. it sound like you did some good planning.... more