My eldest son "came home to mother" in NM after he was laid off 3yrs ago and for the past year has been working through an agency, fairly steadily. That may or may not continue. My house is his home base.
Two years ago I had a fractured ankle and couldn't walk for 6 mos. so my son took care of me and the house. Now he's working downstate and I am on my own at present.
My second son was killed in an accident a year ago and I went to his funeral overseas, having to borrow money to get there. I had sold my previous house at a loss and bought one in the City near to my orthopod whom I saw frequently for a year. I can walk but not far and getting groceries/keeping appointments is a problem as I sold my car to help pay for the remodel debt I had incurred, increased by the travel expenses.
Some more work needs to be done on my house and I have neither the heart nor the money to do it. I will have my credit card debt [incurred by funeral] paid down/off by Christmas. My house is probably underwater. If I listed it with a Realtor for the price of the mortgage [with BoA] plus commission I would not make enough if I only got an offer for less than that. I know the current price must be less than what I paid for it.
I have an annuity which will run out in 4 years, and then only SS which would not cover the mortgage. I can see myself living under a bridge with my small dogs. Or in my son's truck if he's not working. Cannot count on help from him as he has needed it from me.
I have been in touch with a Short-Sale specialist and he says:
"The way I present my short sale offers to the bank is that they accept the short sale offer as full satisfaction of the loan – meaning that they will not go after the seller for the deficiency. Now the bank may counter the offer and ask the seller to contribute but we have been very successful in not having the seller be liable for any deficiency."
Which isn't exactly what I read on this forum. Someone said if the short sale offer is less than 85% of what is owed, then they will want repayment. And only "very" successful, not "always successful".
Specialist said I would have to arrange my own Deed in Lieu. Strategic Default doesn't seem an option because of BoA aggressive pursuit.
I have been profoundly depressed over my son's death and really don't want the effort required to have the house for sale, but doubt I could tolerate the stress of Strategic Default;getting sued. Ican pay the mortgage for the next few years, so it would be "easier" to remain where I am, but still very difficult to survive without a car. Nieghbors all go to work. Am alone during the day. And night.
The bank will get the house back sooner or later, in one way or another. Maybe the Grim Reaper will solve the problems as I am in my 70's. I would like to get out from under and buy another house for half the value of my current mortgage, and pay it down hard so I would have something manageable to leave to my son.