Posted on: 27th May, 2010 01:16 pm
We own a home that is upside down 150K after I retire this year we can not make any more payments on our home, becuse of this we we bought a small condo in a 55+ community in FM with very little payments per month, afordable with our incomes. What can we do with our actual home, we have it for sale but no interest? What is the best solution our credit is excellent and we have not miss a payment which would be imposible to pay after my retirement. What can the bank take from us? Deed in lieu of foreclosureL
Try renting the property. Discuss it with a local realtor to see if you can rent it to cover your mortgage, taxes, and insurance.