Ok so lets say i cant sell my home for what i owe fha? Then what?

Hi Sherri. Visit www.MakingHomeAffordable.gov for details on all of your options with regards to staying or selling your home! This is the best resource to use in addition to visiting your own lender's website for their options if you feel your home is not worth what you owe!

Sheri: Since most of us here are not real estate attorneys, that is a very delicate question for this audience to answer. What I can tell you, is if you do let this home go, and then come back to buy a new home, you might be waiting 4-7 years, if you let this home go and you owe more than it is sold for. We've seen foreclosures, bankruptcies, and short sales (selling it for less than you owe, and the lender gets stuck with the difference). Again, this obviously isn't legal advise - but it just might matter if this is your "Primary Residence" or an Investment property too. My advice would be to sit down and on paper, see what the difference is between what a Realtor thinks that you can realistically sell your home for, and then calculate what you owe, and 4-5-6% in Realtor fees, and see what the shortage might be. Click on my profile to the left, and then click on my email address, if you want to chat offline. Have a great weekend.

Good Morning Sherri...When you have a chance, please contact us at: Money@RonWohlfarth.com or 856-853-1234...Thanks Ron

There is no perfect answer... You do not owe FHA. You owe your lender. FHA is an insurance policy lenders are able to get on your loan to help protect them in case their is a loss. Anyway, generally if you need to sell, most people will end up doing a short-sale. it is exactly what the name implies. You will sell the home for less than you owe. Generally speaking, you would be responsible for the remaining balance. If you are in financial trouble, many times you can get the lender to agree to waive the remaining balance, so that the short payoff will be considered paid in full. The short-sale will essentially be looked upon as a foreclosure on your credit report.