I live in Virginia, but I bought a house in Tennessee to retire in. The game plan was to sell my house in Virginia upon retirement, and move into the house in Tn. As it turns out plans changed, I could not sell the house in Va. and I have not moved into the Tn house. Instead, I got married, moved out of my house in Va, and moved in with my new wife in a house she ownes. Now retired, my retirement check does not cover the bills and I have exhausted my retirement account. I cannot afford to keep the house in Tn. which has no equity
. It will not sell due to econemy. I have it rented through a property management company, but that does not cover the mortgage, and when it is not rented, I have to scratch for money to make ends meet.
I contacted Bankof America (lean holder for Tn house) and told them of extenuating circumstances. They have put me through the loan modification
to lower the interest rate so to possibly lower my pmts. What I am hearing from them is that I don't occupy the house and modification is not possible through the guidelines privided.
I now have to make a choice of paying down my credit cards (above $50,000) or paying the mortgage on the house in Tn.
I have not missed a payment in since I bought the Tn house 4 yrs ago, but I think I will stop paying them and let them have the house back.
Question: Can I simply give the house back to Bank of America and not file bankruptcy?