Start With Value and Equity
If the home's likely sale price is enough to cover the mortgage, liens and selling expenses, a traditional sale may be possible. If the proceeds are insufficient, a short sale or another approach may need to be considered.
Do Not Ignore the Servicer
Homeowners should continue communicating with their mortgage servicer about available loss-mitigation options and deadlines while separately evaluating real estate options.
Real estate professionals do not replace legal, tax, financial or loan-servicing professionals.