Stuck in South Carolina

[aquarius33]

What is the name of your state? South Carolina
My husband took on a new job that requires us to move to Texas. We have had our house on the market for over a year with different realtors. We owe 169k on the mortgage and we also have a 20k equity loan attached. We are asking 189k for the home and the home appraises for 205k. At this point would it be benefitial for us to do a deed in lieu of to get out from under this home? If we do this would it tarnish our credit for another loan in Texas? If we ask our mortgage company any questions about this subject do they put a little red flag on our account. We are not behind in our payments or anything, we just feel stuck.

[Samm1970]

It's doubtful the bank would agree to deed-in-lieu. A short sale might be a better bet if you can get a low-ball offer.

Have you considered renting the property? Hold onto it until the market improves a little then put it back on the market.

What's the primary objection you get from prospective buyers?

A d-i-l & a short sale would tarnish your credit.