Quote:
Originally Posted by 1stLand
If you really need to move, then rent it out.
eat the monthly loss (mortgage expense vs. rental income). It's more practical than walking away.
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You could do it this way and look at it as an enforced savings plan.
As long as the rent covers the interest the money you put from your own pocket goes towards the principle, so unless you sell it for a loss you aren't losing the money, you're just putting it somewhere to sit for a long time until you can access it again.
Not the best savings plan ever (cause you aren't making anything, you're just working to get to no loss), but still might be better than writing it off.
You might also check with your mortgage, you might be able to change some of the parameters (reduce payment, change from 25 to 30 year) to make it work better as a rental property.