Ever HAD TO sell your home due to poverty/unemployment/debt? (tenants, arrears)

[AHomeSeller]

I know lots of long term unemployed who are swimming upstream trying to pay their mortgage. In many cases they wait till they are behind in their payments or in forclosure before trying to sell and then they are desparate and don't have any money to stage or improve their home. They have to accept the first offer or sell it to one of those "we buy homes (at a huge discount) companies.

Anyone sell their home due to debt or unemployment but before they were desparate? Maybe at a point where you relized that paying the minimum payment on a huge credit card debt would get you to a zero balance in the year 2067? Or maybe you realized your job search was going no where and you better scale down your expenses before you fall even further behind.

[MsAnnThrope]

I haven't paid my mortgage for 18 months now and I'm still in the home.

I have got tenants who will pay the mortgage for me and I am going to be homeless as of 10 jan when they move in.

I will however be able to retain ownership of the home because I can access funds to pay most of the arrears.

I just can't afford to live in it myself.

[lewis24]

I did. I was living in Indiana and knew my job was going to end at the end of then year. Looked for a new job for 4 months and couldn't get an interview let alone a job offer. I listed my house and had a solid offer within 4 days. Closed escrow the day after Thanksgiving, finished packing the house and move to Texas. I managed to find a job within 3 weeks of getting there working for an international corporation. Strangely enough they transferred me two years later to Florida, love it here.

[MsAnnThrope]

I sometimes wonder if hanging on is the right decision or if I'd be better selling now.

But, if I can get someone else to pay the bank for me (which I can) then keeping it seems like a smart thing to do.

It feels like an anchor though. A useless anchor, at the moment.