a "workout" with a lender

[here_new]

I own a home whose value is much less than the amount owed on the home. I would like to avoid foreclosure if at all possible, but I need to get rid of the house. What are my options?

 

[HomeGuru]

<BLOCKQUOTE><font size="1" face="Verdana, Arial">quote:</font><HR>Originally posted by here_new:
I own a home whose value is much less than the amount owed on the home. I would like to avoid foreclosure if at all possible, but I need to get rid of the house. What are my options?<HR></BLOCKQUOTE>

Thank you for advance planning. Get a hold of a good Realtor with a track record of helping people in your situation and list the property to sell fast. Then contact your lender and ask if they would accept a short sale (they agree to accept the sales price which is less than the mortgage loan balance, and waive the balance) or a deed-in-lieu of foreclosure ( you give the property to them and walk away free).