Hi ~ my husband is being transferred for work to another city and so we put our house on the market in order to sell. currently we are under water on the house just because the market crashed where we live. we have been told by our loan company (Bank of America) that the value of our home is $189,000; however, we owe currently $202,000 on it (we're stuck in an interest only loan for the next 4.5 years). i talked with a realtor who was highly recommended to us and she said that if we had her as our agent she would list it at around $175,000. We just can't afford to pay a commission to a real estate agent so we have had it for sale by owner for almost a year now. we have dropped the price from $213,000 down to $199,900 currently but haven't had any offers yet. We just can't afford to go any lower and lose that much money on the house. We have virtually no savings except my husband's 401K (around $60K) and he doesn't really want to take out a big loan for 25K.
We are wondering if we should just rent the house out and then turn around and rent when we move? We do qualify for the HARP program according to Bank of America. That being said, we could get out of our interest only loan and actually start paying more principal on the loan. I just get nervous that someone will trash our house or not pay as we would be out of town landlords.
Our current mortgage payment is around $1300....we're barely breaking even with our bills and such. Have no other debts except about $5600 in CC debt.
Any help would be great appreciated!