How do I get rid of a house?
January 27, 2010 8:33 AM Subscribe
Moved across country. Can't sell my house. Can't find a renter. Can't afford to keep paying the mortgage. What are my options?
posted by anonymous to Work & Money (7 answers total) 1 user marked this as a favorite
The house is in Pennsylvania. I'm now on the other coast---we moved for a new job. My family and I have a comfortable income, but we won't if we have to keep paying the mortgage on the PA house and also paying for housing (and daycare, and all the other expenses of daily living) on the west coast. Oh, and we don't get paid during the summer.
The house has been on the market for 8 months. There have been a pile of showings (upwards of 200, probably) and a couple of nibbles, but nothing came through. It's listed to rent, but no renters so far. We're not --- quite --- underwater on the mortgage, but if we lower the asking price much more, we won't make enough to be able to cover the mortgage, and even if there were to be a buyer, they're pissy enough in this market to expect to be able to demand to buy a chunk under the asking price.
We really like our realtor and would like for him to get some money out of us, but we're running out of options.
So, what are some options, and how to they work? As I see it, we can
--keep paying and hoping that a buyer comes along. So far, this hasn't worked. We are not in a position to "stage" the house (it's vacant) from across the country.
--Stop paying. This leads to badness. but...
--Try to give back the house to the bank. (Deed in lieu of foreclosure?) Not sure that this will work in PA, which apparently is a "recourse" state, whatever that means.
Are there options I'm missing?