Walkaway's unfortunate consequence

Home Sale Hindsight

Q: My parents signed the title of their home over to me some years ago, with a small mortgage. The place is in a high-crime area, and has depreciated significantly over the last few years. No one in our family wanted to live there, and I didn’t want to deal with tenants, even though my Realtor told me that with Section 8 tenants, I would have $700 in positive cash flow every month. (There is rent control in my area, and tenants can be a real hassle.)

Anyhow, I put the place on the market several times over the last few years, but it never sold. Finally, I stopped making the payments and decided to walk away from it. At the same time, though, I let my Realtor put it back on the market on the off chance (it would sell).