My husband and I moved to FL and bought our first home at the height of the market. We bought a traditional
mortgage, had 20% down, and did not buy above our means. Currently, however, our home has depreciated by about $100,000 in the three years that we have owned it. My husband is finishing medical school and we have to move in a year...what are our options? We have never been late on our payments and we want to preserve our credit.
Leecec,
These are difficult times that require creative thinking.....many home owners in your same situation are electing to "buy time" by renting their home in hopes of minimizing their loss. There are many potential buyers looking to lease with the option to buy the property.
Our recommendation is the lease option is a consideration, be sure to get a sizable cash deposit that can protect your interests if things don't work out with the renter.
Good luck
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