Unfortunately, we all have to make tough decisions in life. Yours is to decide if you really want to make this move and give up a home that would "break hearts" if you sell it. Your next step is to talk to a lender, preferably a bank. Should you decide to sell, how do you know you can't sell for the mortgage balance or more? Have you talked to a reputable Realtor? You are correct about renting...you always run the risk of the home being trashed by a tenant although it can be profitable if you could qualify for another loan while keeping your current home. If I can be of any further help please feel free to contact me at vmeyer@remax.net or 561-625-5555.

Vickie Meyer, ABR, CRS, CIPS, CLHMS, GRI, TRC
Realtor
RE/MAX Masters

It appears you have a number of questions that require further detailed discussion that will be difficult to answer in this forum. In order to provide you with a clear solution we need to look at what your home can rent for, and if you can obtain a loan with an existing mortgage.

Banks are very strict on lending and will want to make sure you have the capacity to carry both properties regardless if you have tentants or not.

Feel free to contact me if you would like to discuss your options.

Craig Fialkowski GRI, CDPE
Herman Group Real Estate
561-827-1790
NewFLproperties@gmail.com http://www.NewFLproperties.com

One thing remains. Can you cover the cost of a $100,000 mortgage? ( I did not think so)
If not can you absorb a $5k, or even a 10k loss? Sometimes moving means you lose money. If you could afford to lose some money it sounds like it would be worth it to you. If you can not afford to lose any money than you are stuck. The only other option I always see mentioned on here is a short sale. Talk to the bank and see if they will take less than is owed. Then wait and wait and...

It seems to me that I heard something years ago about renting. Section 8 perhaps. Basically government subsidized rent. If the renter does do damage the government covers it. I have no idea if this is right or wrong. But you could check with the local (low income) housing authorities to see if they know anything about this. If it is right you may have a nice solution. If wrong you are only out the time and effort to find out.