Mortgage Forum

Joel Fraser

I own a home in Indiana, Countrywide is the mortgage holder. I have a great 30 year fixed at a great rate. I have never been delinquent on a payment. As with many people my job situation changed and I was given an opportunity to take a job in Florida to better my career. We moved last July 2007, putting the house up for sale. I as well as the realtor expected the house to sell in a fair amount of time. It hasn't as it is going on one year soon on the market. The problem is there are so many homes for sale and the prices are so low that it makes it very difficult to sell a almost new home. I am not upside down as I made a reasonable down payment and have had equity in the home at least until the prices have dropped so much. I have a realtor so I will pay commission to them to sell the house. The price of the house is set so with comission paid I will make Zero on the house at this time. I have no one to sell it by owner so I can't sell that way. I will run out of funds to continue to pay the mortgage on the house and the rent here. We have contacted CW to see if they could work with us as this is a different situation than most. They tell us there in nothing they will do at this time becasue we have a 30 year fixed and are not delinquent in our payment. I have worked hard to establish good credit for many years and now I am looking at having to be delinquent to even try to find a way to work with CW. I don't see a short sale as the answer because CW probably would be better off taking the house in their minds?? I feel that I have no recourse other than to look at a deed in lieu of foreclosure or foreclosure as it may be the best path for me?? Please advise. Thank you