I have a scenario here that I have questions about. Let's say you have a home that has a first mortgage balance of $182,000.00 and a home equity line/second balance of $65,000.00 for a total lien of $247,000.00. The realestate appriasal is $285,000.00. This leaves $38,000.00 in equity available on the property. The home has been for sale with a realtor for $275,000.00 for one year with limited buyer interest. The price was also dropped to $269,000.00 with very little additional buyer interest. The neighborhood is an equestrian community and is affluent with $300-800k homes with large 5 acre tracts and 2,100-4,500sq ft homes. The area is kind out in the middle of nowhere which leads one to believe that this is why there is not much buyer interest. The realtor is willing to accept 5% commission on the sale which means that the home will need to be sold for a minimum of $260,000.00 to cover the $13,000.00 commission fee. The same size similar homes sold for $245,000.00-255,000.00 in the neighborhood, but that was 1-2 years ago. The home MUST be sold because owner can't afford to pay the payments much longer. What are the options for selling the home? What if it doesn't bring payoff? Foreclosure? Thanks!