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Due to a job relocation (which was not forced, nor did it pay
relocation costs), we moved out of our old house (in New Hampshire) and
moved to Kentucky in August. So far our old house hasn't sold, or even
had many lookers, despite $25K in price drops. In fact, our realtor
informs us that the market is now worse than ever, with 30 houses now
on the market in a very small town (that's at least double the number
that were available in August). I am already at the point where we
cannot afford to further drop the price. So, what's our best option?
Do a deed-in-lieu-of-foreclosure (if the lender, Citibank, will accept
it)? Continue to try and sell, but ask for a short sale (and who knows
how low we'd need to go) from the lender?
Flies in the ointment: 1) This loan is an 80-20, although both parts
are held by different branches of Citibank. 2) Citibank bought the
loan on our new house! Will that present its own set of problems?
-Steven-
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Deed-In-Lieu?
