With a mortgage, you pledge the title to your home to your lender as a guarantee that you'll repay your loan. You can't sell your home until you pay your mortgage or come to an agreement with your lender. If your home is worth less than your mortgage balance, there are still options to consider and negotiate with your lender, depending on your circumstances.
Patience
It's often simplest to just continue paying down your mortgage and sell your home when conditions are more favorable, as it doesn't require complicated negotiations with your lender or additional commitments.
Loan Modifications
Consider loan modifications If you're trying to sell your home because you can no longer afford your mortgage payments. Loan modifications are negotiated changes in your loan terms that make your payments more affordable.
Short Sale
A lender may consider approving a short sale, i.e., selling the property with an outstanding mortgage balance, if foreclosure is imminent and the lender believes that foreclosure would be more costly than the sale. Negotiating a short sale with your lender is a complicated process that can take more than a year. You must prove that it is the only alternative to foreclosure, and you must also find a buyer. Short sales hurt your credit score and make it harder to qualify for a mortgage in the future. You may be able to negotiate with your lender to report a short sale to credit-rating agencies in a way that is less harmful than a foreclosure.
Deed-In-Lieu of Foreclosure
With a deed-in-lieu of foreclosure, your lender agrees to accept the title to your home to end your mortgage obligations because your circumstances are dire and it would like lose more by waiting for the right short sale offer or paying the legal costs of a foreclosure. It may be faster than a short sale or foreclosure, but the effects are similar and could stay on your credit record longer than a bankruptcy.
Outstanding Mortgage Balances
Ask your lender to forgive the outstanding mortgage balance in writing. Many borrowers who didn't study the terms of their short sale agreements were later surprised to find their lender pursuing a "deficiency judgment" to pay the outstanding balance. Other lenders may require you to sign a statement explicitly committing the terms of repaying that balance. If part of the balance is in a second mortgage, that second lender may be less motivated to approve short sales or deeds-in-lieu of foreclosure, given that they'll only be repaid when the first mortgage lender has been paid.
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