Can someone explaine to me what is quick sale( house) and how it works?

I know how you feel, I’m in a bind too. Hopefully it will all work out for us.

I think you mean a “short” sale – which is where you take just the amount owed or as close to it as you can and the lender agrees to help you to avoid foreclosure.

I would talk to the lender first – no they won’t like it, but it’s pretty common these days and it can avoid foreclosure –

There are people specializing (you might say benefitting from other’s misery) in these short sales. It is complicated, and you may end up owing a lot of taxes on the difference between the sale price and what is owed.

Knowing all this you must act fast and talk to the people who know. the lender first and just be honest, and ask them who they’d suggest to help you legally with this. the more they like the agent, the easier the process I would think.

You may not be able to sell it – worse scenario – (this happened to my nephew just recently) and then you are headed for foreclosure.

This may affect your credit and other things.

The government supposedly has some new programs to help people – check that too. I don’t know where to refer you. Maybe key words government help for short sale or foreclosure. Just keep calling and emailing until you get help. and don’t give up.

Unless you think you could sell it quickly for what you owe, your friend means “short” sale. First you would need to talk to your lender and get their approval. But they might not even respond unless you trash your credit with delinquent payments.

Then you would have to find a buyer willing to pay a price your lender would accept (if less than what you owe), before your lender forecloses.

They are not going to give you free money (forgiven debt) without some pain (bad credit), or everybody would be doing it.

If payments are too high, you could try to renegotiate your loan. But if you make smaller payments, you will end up paying more in the long run.