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Old 10-14-2009, 11:50 AM
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Default Options other than foreclosure?

I own a home in Florida that has been on the market for over a year without movement. I live out of state and this home is where I used to live when I was in Florida. I moved because I was hired by a company out of state. Home in that area are not selling, and unfortunately my house is priced over the ones in the neighborhood. I dropped the price to be within the general area but still no offers. However it appraised at significantly more than I owe. I finally rented it out and had to evict the tenants twice in 5 months. I've been paying the mortgage in Florida plus my rent here for 2 years and it is causing a financial strain. I now have a slab leak there and I'm worried about those costs not covered by insurance. I'm not in foreclosure now but I may be there soon. I talked to the mortgage company (Ocwen) about a deed in lieu and they said it will still show up as a foreclosure and I may not qualify. I have no buyers interested to do a short sell and I'm extremely worried about my credit. I also contacted HomeVesters (the we buy ugly houses people) and they were not interested. I'm renting a townhouse now but if I plan to buy a house here or move to another rental the credit problems would severely affect my decisions. I'm a single mom so credit is something that I value. I don't want the house anymore but I'm at a loss with what I should do. Any help or guidance would be appreciated.I am looking for new realtors. I dropped the price by $40,000 to get a new set of buyers. It's difficult to manage the property because I am 3 states away.
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Old 10-14-2009, 01:12 PM
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Put the house into an auction with a realistic reserve.
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