Upcoming Foreclosures

What to do about this mess?

What to do? First off this story is so long, ill cut it down but ask questions if you need to. I am not about to be foreclosed on. I am current on everything , me and wife have a great credit score, never late. When I got married both of us wanted to move out of Michigan but stuck around because of my parents. 10 years later, my mother passed a few weeks ago and dad about 1 ½ years ago. Dad was not stupid about money. Will be acted on in a few weeks and I stand to inherit a small, barely 6 digit amount. Well, you guessed it, nothing holding us back Except the bath I would take EVEN if I could sell my house. I have NO PLANS on spending %60 of my inheritance paying off my upside down mortgage. Short sell is so far upside down the mortgage company would NEVER go for it. And no houses are selling anyways. I could be wrong but I think my next door neighbors are going to walk away from that house and my neighborhood has a few bank foreclosures up for sale already. What to do? What not to do, if I walk, I will have a tidy sum in my bank account—should I not bother depositing my inheritance—can the mortgage company come after me? Note: I will be posting a second question later concerning my inheritance and some property. Renting out not even on table i think, i will not be around to take care of property.Have other homes in area for rent--not moving.

Public Comments

1. yes, mortgage company will come after you
2. What about leasing it out or put it up for rent for deed?