Strategic mortgage default not the panacea it seems

REThink Real Estate

Q: I’m underwater on my present home, and I’m seriously considering walking away. My credit rating is terrible. I have a guaranteed annuity income of approximately $2,000 per month, and I’m self-employed with an income of approximately $15,000 per month gross. I have approximately $100,000 in my cash accounts.

What is my best-case scenario as far as purchasing a home in the future, or is it unlikely that I will be able to purchase a home again? I’m not sure I want to put everything into a home at this stage of my life, as I’m almost retired.