House – can’t sell, can’t rent out.?
I bought a house two years ago and my loan was through USDA Rural Development. Than time I was single mother with a son. Now I’m going to get married and move with my futhure husband to another state. But I have the house! I tried to sell without making any profit, absolutely for what I paid – market in our town is dead right now, nothing sells for year and more even for such money. I need somehow cover my loan payments. I thought to rent the house out. And here is problem too – I was told I cannot do this because loan was giving for residential property and if I will rent it out it will be commercial. I’m stuck with the house. I see only one way – just return the house to USDA and that’s all. I know this will ruin my excellent credit history. What else I can do? Anyway now I can’t get another mortgage with my future husband (we are moving in another state) having this loan payment. Did anybody have such problem? What I can do? Thank you for your help.
P.S. House in Lake City Florida