How to sell

[Hox]

This may not be in the right section but.....

I want to sell my house due to a new job (military).  I bought in 2009 but since then the market went even lower in my area so im upside sown on my house if I were to sell it today, almost like 15-20K upside down. 

Are there anyways around this to be able to sell with out having to cover the margin out of pocket?  Are there any programs to help with this?  What are my options?

Any help would be great.

Thanks

Justin

[StartingOver10]

A short sale is when the sales price (market value) is less than the outstanding mortgage.

Are you saying the market value is less than the outstanding mortgage or that after your costs you don't make back your down payment?

[Booner72]

A short sale, deed in liue, and foreclosure are all scored the same by FICO.  Fyi.  I know that doesn't answer your question.  I have a friend at work doing the same thing.  She wants to retire and move, had an offer on a short sale but backed out bc she didn't want to screw up the credit.  Good Luck to you.

[namvet]

I agree with the other posts.  A short sell may be your best option.

[cdtotten]

You really have four options, to summarize the above posts:

1. Short sell your home. This will ruin your credit, but is the only real way to disregard the difference between your mortgage balance and sales price. You may have to pay taxes on the foregiven amount though, as it may be considered income.

2. Rent your house out until your mortgage is paid down far enough.

3. Don't sell your home.

4. Sell your home and pay cash to cover the difference between sales price and balance owed.

Unfortunately, home prices took a dip and people who didn't make significant down payments on their homes, live in certain states where prices dropped precipitously, or had mortgages that intentionally set them up for disaster (interest only loans, 80/20 loans, etc.) are in trouble now. You do have a couple options though.