1. shiprepairwoman Said,

   Someone may offer to buy it for what you owe but with only 15K equity they may not offer that much. The 15K equity isn't real until you sell it you don't know what it is really worth. If you had an appraisal you would have good guess other wise what you list at may not get a nibble until you reduce the price and offer concessions.
   References :

2. ziggymo2 Said,

   15k equity is not very much. So you want someone to buy your house and give you the money. I don't think that's going to happen with the way the market is. I do know that when they foreclose on a property…..the starting bid is whats owed to the bank. If they bidding goes higher (if your property is desirable to an investor) you will get what's left over, minus liens.
   example:
   starting bid: 100k
   bidding: 110K
   federal liens: 5k
   balance of 5k in your pocket
   I hope you work things out. Good Luck!
   References :

3. Pengy Said,

   If when you purchased you had 15K of equity, that may not be true in the present time, you only have equity if the homes market value is more than you owe on it. In most cases the value of the home has gone down compared to when you purchased it, and if you purchased it with 100% financing, no you have no equity in todays market. The value of a home is not what it was appraised at a year ago, even three months ago, but what the market right now will offer for it, that is the appraised value, or what it is actually worth.
   References :

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