How can I sell my house!

[stewartcolbert08]

I know the economy sucks, i know the market sucks! I just want to get rid of it with out foreclosing. I got a letter in the mail last week that they are raising my mortgage because the escrow acct is short. So I refinanced last year after me and my ex broke up because I couldnt afford the payments and now they are raising it to the same price again. :( I dont know what to do. I feel completely overwhelmed. I wanted to try and do some more stuff to it before trying to sell but now the raise I am getting in June is obsolete because my stupid ass mortgage is going up. Sigh. Anything..................?

[Pierre.Suave]

1. Put a for sale sign up in front!

SERIES!!!!!1111111

I do not have any serious help to offer, I know nothing about mortgages, but I find it amazing that they can continually up the amount you owe per month, isn't that in a contract somewhere at a set price?

[MrScorpio]

2. A realtor

That's how I did it

Glad I did

[LeftyMom]

3. Can you find an alternative to hold onto it longer?

Rent out a room, rent out the whole darn house and move yourself someplace cheaper until things get better and you can afford the payments or sell, maybe somebody else has other ideas.

I wouldn't sell a house in this market. Maybe it's different where you are, but here there are so many foreclosures selling for a pittance (the Bee had a cover story this weekend about houses selling for under $25,000- in dodgy neighborhoods, but still...) the chances of selling for what you owe are probably pretty close to nil in most markets.

[stewartcolbert08]

4. yeah......

I just dont want to come out upside down. I just want out of it ya know. I hate it there anyway but still. I wish someone would come up to me and be like "hey candy I want to buy your house!"
LOL is that too much to ask!

[jobycom]

6. An agent will give you a market analysis.

Just call an agent and tell them you want to know how much your house is worth. If you don't like the answer, you don't have to sell. You can get a couple of opinions on it, just in case one is inflating the value to entice you into a listing.

[sohndrsmith]

9. If you rented out the whole house itself, would that cover the mortgage payments

and a humble studio, etc. for you? Depending on where you are, there might be many families or couples who are in the process of relocating or have just sold a house, in transition, and would prefer renting a home than using an extended stay motel. Relocating people might likely be seeking short term renting while they look for a permanent place.

I saw a news segment a couple of weeks ago about a family that was having no luck selling their house, so they created a raffle for it and money started to come in pretty steadily. I don't recall the outcome, I'd have to look it up.

I don't know the legal intricacies that might be involved in either suggestion, but I wish you luck!

links re: house raffle:

http://www.wbaltv.com/news/15572598/detail.html
http://www.wbaltv.com/news/15592527/detail.html
http://www.abc15.com/content/realestate/story/Buckeye-homeowners-count-on-raffle-to-sell-house/17A0IZLuTUqiWhVRjcODmQ.cspx

[jobycom]

5. If you want to sell it, hire an agent.

They can find the right price to sell it quickly. People are buying houses, but they are looking for the best deals.

As for the escrow, most mortgage companies will require that until your equity is at 80%. If your equity is higher than 80%, you could refinance with a company who won't require escrow,and you can also lose the PMI fee. Refinancing twice in two years would be expensive, so if you don't plan to keep the house a long while, it may not be worth it financially. And you will have to pay taxes and insurance yourself, so you will still have to save some of what you are paying into escrow.

You can also pay the shortfall of the escrow amount at one time, keeping your payment the same.

[flvegan]

7. Call your lender.

Lots of weird information in the OP, but seriously, call your lender and ask for either the retention department or the loss mitigation department. Work your rate down.

[stewartcolbert08]

8. thank you!

I am going to call them!