Okay, that raises a couple of other questions, so please bear with me:
1. What is the approximate current fair market value of your property?
2. What is the approximate current unpaid balance of your 1st mortgage?
3. What is the approximate current unpaid balance of your 2nd mortgage?
4. Do you have any non-retirement
assets of substantial/high value (stocks, bonds, brokerage accounts, artwork, collectibles, etc.)? Note: Retirement assets means 401(k), IRA, employer or government pension or disability benefits
; non-retirement, means everything else).
5. If #4 is yes, then how much are the non-retirement assets worth (approximately)?
6. Do you have regular income from a job?
7. If yes, what are your gross monthly wages for you (and if you're married, then also from your spouse)?
I don't mean to be intrusive, but you want to know what you can do about the situation, and in many respects, the answer comes down to an accounting problem. If you don't want to answer these questions, I understand completely, but without the information, I cannot answer your question, except with a very generalized response.
Thanks in advance.