Trying to Dump a SFR. Help!

[Tim Budrick]

I have a SFR house in a plighted neighborhood where the mortgage is more than what it's worth. I have rented it out for several years and made about 200/month on it. I currently do not have a renter in it and want to sell it and move on. I've tried the following, but have not been successful:

1. Sell it outright - no offers more than what I owe (only had 1 offer) in 6 months.

2. Seller Finance - only offer I have is someone who wants to pay a couple thousand down and rent about $100 more than my carrying costs each month.  But this person wants me to carry the note until it is paid off (could be 15yrs or longer).  As mentioned, I'd like to just sell it.

3. Went to the bank and explained asked them to restructure my note to a 15/yr so I could pay down the principle quicker (right now only 75/goes toward principle each month).  However, since I don't have 20% equity in it, they declined. 

To note: I do not see this area turning around within the next 15yrs, as it's gradually declining.  The difference between what I owe and what I can sell it for is about 12k.  Wondering if anyone might have some angles I'm not considering to just dump this property with the least amount of financial damage.

Any help is appreciated.

Thanks!  Tim

[Michael Noto]

@Tim Budrick Try posting it here in the BP marketplace, we have found buyers in Connecticut we have posted on there.  More people look there than you think.