There's always the option of renting the place out, but that has lots of drawbacks. Being an absentee landlord is asking for real problems. In many areas, you can't expect enough rental income to cover your expenses. And when you eventually do sell, a place never looks as good after being rented out as it did while you were living there.
Of course you can always talk with your mortgage company about whether they have any suggestions. These days they may well be willing to work something out. They're probably overwhelmed with requests right now, though, so be prepared for some frustration.
Don't be so fast to reject the idea of a short sale. The kind in which the lender agrees to cancel the remaining debt is a great deal. The homeowner who must sell is lucky to have it offered.
Who Owns What
Dear Ms. Lank: A woman died and left a piece of real estate to her daughter and money to her son. Yet the son's name is still on the deed for the property. Can the woman get his name removed from the deed since the property was not left to him in the will?
Also, another family member needs to change the names on a deed from her deceased parents to herself. Can she just go to the recorder or courthouse and change it? What kind of paperwork needs to be filed? -- D.O.
Answer: Second question first: When anyone dies, no matter how simple the estate, a lawyer should be consulted to see if any paperwork is required. In many cases when real estate is inherited, it isn't necessary to do anything about a new deed. It's wise, though, to double-check with a lawyer.
As for that daughter and son: If the son's name was "on the deed," then he was the owner, and what the mother said in her will wouldn't matter. She didn't own the property so she couldn't leave it to anyone. He'd still be the owner.
If, on the other hand, he and the mother were co-owners, then after the mother died he and the daughter would probably be co-owners. That one definitely requires consultation with your own attorney.