Accepted Answer

Well, you can try a couple of things:

a. walk away.

b. contact the mortgage company and see if they'd be willing to do a deed in lieu of foreclosure (but they may not want to talk to you if you're current in your payments -- they'll only start listening when you start missing).

c. put the house up for sale and see if the mortgage company will be willing to do a short sale (i.e., you sell the house for less than what's owed and the mortgage company is okay with that ... again, they may not want to talk to you about that if you're current on your payments).

Because your only source of income is Social Security, if they do try to sue you for the balance, they can't go after your Social Security because that's exempt under federal law.

Good luck and best wishes! I hope that you find this information to be helpful and this answer to be ACCEPTable!

Expert:	JB Umphrey
Pos. Feedback:	97.7 %
Accepts:
Answered:	11/5/2009

Attorney

Michigan lawyer who explains basic criminal, consumer, and contract-related matters.