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My husband and I are going to stop paying our mortgage (we have a 1st & 2nd) on a 2-family home. Our home is worth 50% less than it was. We are so under water there is no way out. My question is we have a renter on the 2nd floor. Are we able to put aside the money that we get for rent in order to save to rent an apartment. We are older and will not be purchasing another home as my husband is permanently disabled. Renting is fine with us. It just makes financial sense to do it this way. I didn't know if the bank can attach the rent payments.

dipaligopale · Joined: 25 May 2010 Posts: 790 22.70 Dollars($)

Hi Maria,

Welcome to board...

jameshogg · Posted: Tue Sep 07, 2010 9:35 pm Post subject:

Hi Maria,

If you stop paying the mortgage payments, the lender can foreclose the property. You can keep aside the rent payments in order to rent a property for yourself. However, if you deposit the rental proceeds in your savings account, then the lender can garnish it if he is unable to recover the deficient balance resulting from the foreclosure sale.

Thanks

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