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"Stuck" with a house, need help!?

So about 3 years ago, my (now ex) girlfriend and I bought a house together. With the recent breakup, we are needing to sell it. We bought the house for too much (since the market was "booming" then), but now it needs to go. How does the loan work if we sell it, but don't make what we have to cover the loan? Are there any options through the government that can help out? Obviously I'm not wanting any money, and have no problem just cutting my losses and moving on as quick as possible. So short of just a foreclosure, is there any way I can just get out from the loan? Also, forgot to mention, I have went through several mortgage companies wanting to just refinance and afford it by myself, and that's not happening. She doesn't want it either.

Public Comments

1. Unfortunately you will have to pay to the mortgage company what you are short in equity after closing. Maybe you could rent it to recoup some of your losses while you are trying to sell. Try giving it "curb appeal" and do other things to increase it's attractiveness to a potential buyer. Hope you sell it.
2. what you are looking for is a 'short sale' price you sell it for doesn't cover what you owe. you and ex have to find a loan to cover difference. good luck. try daveramsey.com to learn more .
3. I would say to try something like a lease option for the price of the mortgage. This simply means lease the house to someone with the option to buy.It could be for 1 or 2 years ,which would pay the the mortgage down and if they decide not to buy at that time you may be able to refinance with a lower balance. This is one of many options. Try the real estate forum at www.cashflowgenerator.com