300,000 will be your "New" mortgage amount and would be the amount needed to redeem your home. You can sell your property for more than 300,000 and not owe the difference as long as the "new" balance is payed and keep any proceeds made by the sale for yourself.... more
You have an obligation to pay the rent to the current landlord and the bank if they request it.
The bank cannot boot you from the home until your lease is up. They might try and you may get an agent knocking at your door who represents the bank but you just need to remind them of your rights and give them a copy of your lease. Any problems after that and you can always refer to the MN Attorney General.... more
Deka - MN MultiHousing is a good source for apartment complexes and other information about market rate and subsidized units. You will find them on the Internet and also in the telephone book. They show a matrix that will tell you what is available and any amenities. Good luck! Liz, 612-986-4105.... more
I think you should. I know many different real estate agents that have taken the same path with investment properties in Florida. The only consequence they have seen is bad credit. So what you would need to do is put the houses in only one of your names, so when you default it will only ruin one of your credit, then you can file for bankruptcy (hopefully) and wait 7 years. During those 7 years you will have to rely on the others credit. But by the end of the 7 years, if your investments are good, you should have made quite a bit of money by then and your reserves will be so high no one will care about the bankruptcy 7 years ago.
Not sure how the bankruptcy laws work when/if you are married, so you might have to get a "divorce" first to make things work.... more