Lost a job and not able to sell house

[fardrifter121]

Hello, I had bought a house in a small town 4 years back. I had taken a loan from bank for the purchase. Now I am being laid off from my company by end of this year. And I feel that I might be looking for a job for some time considering the adverse job market.

Another problem is that I am not able to find a buyer for my house either. I have been looking for a buyer for almost a year now.

I am just wondering if I could go to the bank and explain my situation, and have the bank sell the house and recoup the loan amount. If you were in my situation, what would you do ?

[betelgeuse]

Hello, I had bought a house in a small town 4 years back. I had taken a loan from bank for the purchase. Now I am being laid off from my company by end of this year. And I feel that I might be looking for a job for some time considering the adverse job market.

Another problem is that I am not able to find a buyer for my house either. I have been looking for a buyer for almost a year now.

I am just wondering if I could go to the bank and explain my situation, and have the bank sell the house and recoup the loan amount. If you were in my situation, what would you do ?

Why would the bank have any better luck finding a buyer than you would? Are you selling so that you can move elsewhere?

[fardrifter121]

Why would the bank have any better luck finding a buyer than you would? Are you selling so that you can move elsewhere?

Agreed that bank would have the same issue. And yes, I feel that I might have better luck in a different country. I am just checking what my options are. Any suggestion would be welcome. At this stage, I just feel trapped - with the walls closing in.

[heretostay]

Talk to the bank for sure. They will tell you what options you have.