If you’re desperate for the money, another option is to rent the house, while keeping it listed for sale. After facing the painful decision of leaving your home, it’s now time to find the most suited option to close your debt. You could talk to the lender for permission for a short sale, meaning to be able to sell the house for a smaller value than what you owe, or reach an agreement with the lender to call off the foreclosure and accept the deed back. The last—very last—option you should visit is filing for bankruptcy. This way, the foreclosure-related liabilities can be delayed for several months, extending the timeframe you have to make it all work out. During this time, you can remain in that house for free and save money to move elsewhere. Even if it’s a heartbreaking solution, with a lot of negatives to throw in the mix, there might be cases when the bankruptcy or foreclosure can be the best long-term option for your family. But before you take this absolute last resort, try hiring a different but professional, high-performing real estate agent and list your house again. There are great agents who specialize in helping owners in your situation. Millions of people all over the country are in the same situation; you’re not alone. Don’t lose hope, and try to find the best way out in these difficult times. Don’t forget to take advantage of the tax benefits offered by homeownership status. An effective Realtor® can provide you with more information on this. For example, if you are a couple, you’re allowed to exclude as much as $500,000 out of profit from capital gain taxes, as long as you
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