<BLOCKQUOTE><font size="1" face="Verdana, Arial">quote:</font><HR>Originally posted by Lou8754:
In Florida...my husband and I need to get out of our mortgage, will probably lose some money but we can't afford to keep up our mortgage, insurances and taxes due to severe illnesses. Can we turn the house over to the mortgage company, what can happen to us if we do this. We don't have a dime....most of our money goes to prescriptions and health care. can you give me any advise...Anyone Please<HR></BLOCKQUOTE>
You should contact the mortgage company and do a "work out" which may consist of giving the property back via a deed-in-lieu of foreclosure, selling the property on a short-sale or other options that the mortgage company may recommend and agree with. Be honest with them and they will help you as much as they can. The mortgage company is not required to take the property back or on a sale take less than the full principal mortgage amount, although they may be able to. Contact them immediately. Also contact a real estate agent to get a market analysis and put the property on the market using a list price that will sell the property fast. Your lender will appreciate your best efforts in helping to resolve the situation. Filing bankruptcy may not be your best alternative but check with an attorney in your state of Florida.
