Currently I am underwater on my mortgage, it is occupied by renters, due to a divorce I need to move out of state. I don't qualify for a short sale & if I sell I don't have the funds to make up the difference of the sale. I do not have any other asserts or investments. What are my options?
Answer
Option No. 1: Retain experienced legal Counsel to advise you and to perotect your best interessts.
Option No.2: Continue to collect rents, maintain property,
Option No. 3: Walk away from this property, alert tenants of your departure, and that they m,ay face foreclosure and eviction in coming months..
Option No. 4: Once foreclosure has been filed against your interests in the property, consider declaring Bankruptcy for protectioon from default judgment.
Option No. 5: Contact and retain experienced legal counsel to advise you. This is not a Monopoly game..one wrong misstep and you may lose the game.
Good luck.
Sincerely,
J. Norman Stark, Attorney
Cleveland, Ohio
(216) 531-5310. Ext.22
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