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My home is upside down by 300,000.00 and we want to retire in 5 years, we are thinking of short selling the house, just to get from under this tremendous mortgage. My question is could there be anything else I could do?...We are 57 years old and we would like to retire at 62. But we have a debt in a house that has a mortgage of 600,000.00 and the house is worth 300,000.00. As you can see we are upside down big time. We have tryed to modify the loan, but it has not been approved. So we have decided to short sale the house and hope that the bank will not reject it. We are trying everything that is possible to not foreclose on the house. But we know that it is crazy to continue paying for a house that is not ever going to increase in value to be able to sell it at least not during our time. So why pay for something that is not going to be profitable, especially if we are almost at retirement age.

adonis · Posted: Fri Mar 12, 2010 9:53 pm Post subject:

Hi Guest,

You can speak to your lender about a deed in lieu of foreclosure. Like a short sale, this will help you in getting rid of the property. However, you won't be responsible for the balance amount resulting from the sale of the property in case of deed in lieu. But your credit score would get reduced by 250 points.

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