I have a home in Overland Park that I owe $367,000 on and it was recently appraised for a refinance for $325,000. I had my home appraised to lower the monthly payment and complete some deferred maintenance. I need a new roof, furnace, a/c, paint and carpet. Since I can't fix up the home now and can't sell for my loan amount, what should I do? I do not have the money to make the repairs and make the monthly mortgage payment. I feel like I continually fall further and further into debt. I would really like to sell but the only way I see this happening is to do a short sale. I would like to rent a home at a lower monthly payment to build up credit before purchasing a new (more affordable home) within the next five years.

Question: I have a home in Overland Park that I owe $367,000 on and it was recently appraised for a refinance for $325,000. I had my home appraised to lower the monthly payment and complete some deferred maintenance. I need a new roof, furnace, a/c, paint and carpet. Since I can't fix up the home now and can't sell for my loan amount, what should I do? I do not have the money to make the repairs and make the monthly mortgage payment. I feel like I continually fall further and further into debt. I would really like to sell but the only way I see this happening is to do a short sale. I would like to rent a home at a lower monthly payment to build up credit before purchasing a new (more affordable home) within the next five years.
Kenny T. from Overland Park, KS.


Answer: Sorry to hear about your problem Kenny. If you can prove a financial hardship, you maybe able to short sale your home in Overland Park, Kansas. But before you start a short sale, I would contact your lender and request a loan modification. Maybe your lender can help. If not, a short sale maybe the only answer. 


Lets connect so we can go over the short sale process.


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