Real estate foreclosure question?
My wife and I bought a double wide trailer and 5 1/2 acres of land in NE Tenn in 2000. Since then, we’ve planted five peach trees, 6 blueberry bushes, grape vines, apple trees, apricots, made planting beds, and a 40×20 ft garden. I’ve also built a 36×21 ft barn with 12ft shed roofs on both sides, a 6×9 lawnmower shed, and a walk-in chicken coop. Our land borders a spring-fed creek and has many trees, including mature walnut trees.
My wife passed away on May 21st. We have two disabled children. I haven’t worked in three months. The last mortgage payment was made in June. My house is so far out in the country that it takes 8 minutes to get to the four-lane before even heading anywhere. I am 20 minutes from the nearest grocery store; 30 minutes from the nearest town (Wal*mart, Lowe’s, etc).
I have already signed a lease on an apartment that is minutes from my sister in law and work. My house would need lots of work to make it sell-able and I don’t have the money. Should I try for a loan modification and try to rent it out or just walk away?
My mortgage is currently $ 730 a month. There is no way I could rent it for that. At best, I might get $ 400/ month. Should I walk away or try to get a lower mortgage payment and keep it?’