Here are a couple of thoughts that may help:
 
 1. Some people have called their lender and discussed the problem before it has become a problem. This has ended up helping a lot of people who otherwise thought that there was no other recourse or plan of action that would work. – I have seen lenders that would actually drop their monthly payments for as much as a year, as the owner reworked their own game plan, got a new job or it just gave them time to get a sale. This is sometimes done by just making interest payments.
 
 2. One other idea that has worked for others, is to rent out the home to make the mortgage payments until the market changes. If your home just will not sell for enough to cover what you have in it, and if you have no money to bring to the closing table, it can end up with a foreclosure on your home. Not good. If renting/leasing your home does not cover your monthly payments, how short will you be? Balance out the costs on paper, actually write it all down.
 
 3. You may also think about offering it as a “Rent to Own” home to gain a more serious renter or buyer. – If you like that idea but just do not want to be a landlord, or need a 3rd unbiased party to handle it so you and the ex-boyfriend will both feel that your interests are more protected, then look for a local company who does Property Management, plus ensure/ask if that company is also a Real Estate company (many are) – then they can also get the sale, if and when it sells… they will like that of course.

Personally…, Emily and I have purchased 4 homes and a Duplex in just the past 12 months. We have rented out all of these within one week of purchase. Two of the homes are “Rent to Own” and are working fine. Rent to own renters wish to become buyers when their credit and other circumstances improve, they tend to pay better and are willing to pay more in general while taking better care of your property.

One key factor I explain to all renters is that I must get my own mortgagte payment covered naturally.

1. The downside of this is that most renters do not care about us as home owners… unfortunatly, they just want cheap rent. —-
2. The upside however is that “rent to own renters” tend to be more understanding of these kind of issues….and;
3. Regardless…, there will always be renters who will pay as needed.

 I hope this helps a bit. If you cannot sell your home for enough to bail out of it…. rent it out till the market improves.
Best regards,
-Don

Your comments and input are welcome if they are not spam, nor self promoting for some business or other ulterior motive not related to helping to resolve the issues at hand. Issue is “Understanding the real estate market” in general terms.

Best regards to all,-Donald J. Leske II / Broker
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