Posted on: 06th Sep, 2009 04:13 pm
My family and I are military and we have to move across the country. We cant afford to keep our house and its really not in any condition to sell right now. What other options do we have?
Rent it out
Hi mrsreaves,
Renting out the property is a good option. In fact it seems to be the only option for you to save the house. However, if you find it difficult to get a tenant and cannot afford the mortgage anymore, a deed in lieu of foreclosure (DIL) looks like the only possible option for you. You can then sign over the house to the lender and pay off your mortgage debt.
Renting out the property is a good option. In fact it seems to be the only option for you to save the house. However, if you find it difficult to get a tenant and cannot afford the mortgage anymore, a deed in lieu of foreclosure (DIL) looks like the only possible option for you. You can then sign over the house to the lender and pay off your mortgage debt.
