Sorry. Just took care of that.If you go to the intro section and say a little something about yourself and fill in your profile (where you live, etc) people here really appreciate that.
I am an appraiser. What's wrong with appraisers? I know what you mean though. As long as you get someone with experience who's realistic, either is fine. There were way too many appraisers pushing the numbers a few years ago, but there are a lot of people looking over our shoulders right now.1) Get a real estimate of value for that home. Even if you take a loss - and sell for less than you have in it you might be better off than trying to hold for a couple of years. Get a realistic number - get a straight talking realtor to evaluate ( not an appraiser )
Thanks for all the suggestions. We were already in a lease option, but the lease is up and the buyers want out. We both have other businesses that suffered too much to provide any of the payment on a refinance. I like the idea of trading. Could you explain a little more, or give an example? If the bank would agree to reduce the principle, I might be willing to match them with some carry back financing if my personal assets are already at risk anyway. The home was valued at $360k and we've already dropped it to $299k. We will most likely drop it further to $285k, but that's as far as we can go.
My biggest unknown is this: How likely is the bank to come after my personal assets, and how might that play out?