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I want to sell my home, but I can't get enough money in the sale to pay off my mortgage loan. What are my options?

You still may be able to sell your home, if your lender agrees to a short sale. If you choose this option, a U.S. Department of Housing and Urban Development (HUD)-approved housing counselor can help you plan your next steps.

If you live in a state in which you are responsible for any deficiency between the sale price for your home and the amount you still owe on your mortgage loan, you will want to ask your lender to waive the deficiency. If your lender waives the deficiency, get the waiver in writing and keep it.

You should also ask about help with relocation expenses, either under the federal government’s Home Affordable Modification Program (HAMP) or other programs sometimes called “cash-for-keys.” The deadline to apply for assistance under HAMP is Dec. 30, 2016. To learn more, call the CFPB at (855) 411-CFPB (2372) to be connected to a HUD-approved housing counselor today.

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