I need to sell my house and now its not worth the price i owe on it what can i do?

Marta
I'm in the process of getting a divorce. One year ago I had to refinance it to give her half the equity. Now I have found out the details of the divorce I can't afford it and it's not worth nearly what it appraised for due to the market conditions.

Delicia
How about renting it out for the time being, until the market improves. I know it's a hassle, but if it will help you until you can sell, why not?

Herma
Unless you can get your wife to sign a Quitclaim there isn't much you can do but go talk to your lender. You have a right (because you gave her half the equity) to file a quitclaim which takes away any rights she has to the property. The trick here is to be nice and have her sign the Quitclaim. It will be hard at first, but it will be the best thing for the both of you in the short and long run.

Claris
You can sell, sell with owner carry, rent or face foreclosure. You could maybe rent out a room or two but if you have kids that expect to come home to 'their' rooms that wont work.Divorce sucks. Nobody wins in a divorce. Marriage is cheaper.Sorry for your circumstances. Good Luck

Joanie
You can ask your lender if they will accept a short sale, meaning they will take less than the payoff on the house and release you from the mortgage.You could rent it out until the market recovers.

Phyliss
If you have already given the soon to be Ex her share of the property then the house should be yours to do with as you please. You do have several options in this type of market. First option is to see about renting the house to cover all or atleast most of the cost of keeping the house. Rental rates are going up due to more home owners losing their houses and they have to move when they get foreclosed on. Second option is to sell the house but do seller finance where you keep title to the house and the new buyer pays you payments until they can get financeing on their own. There are several ways to write this up like. Rent to own, Lease Purchase, Owner Finance, etc. The things you will need to know is what are the rental rates in your area, what are the financing terms on the loan, fixed or ARM; will it break even or if not how much cash would you have to put in to keep all payments made for each year you hold the house. Talk to local realtors and see when they think your local market will return to a level that will allow you to resell the house for a profit. Look at population growth, job growth, tax issues. Remember that keep title to the house will give you tax breaks so while you may lose $100 or $200 a month on a cash basis; after filing taxs you may come out ahead.

Dillon
I would find a local Realtor that is accustomed to doing Short Sales and talk with them about your situation. They should be able to complete a Short Sale for you and get you out of the house. If you have any questions about Short Sales, visit www.JamieBrooks.net and click on the Short Sale page. There you will find a lot of answers regarding Short Sales. Best Wishes!!!