Legal Question in Real Estate Law in Indiana

Re: Old house won't sell - $ problems w/ 2 mortgages

You certainly don't want to lose equity in condo. If there is not much equity, then you could offer the mortgage company a deed in lieu of foreclosure, essentially giving the property and the equity (if any) to the mortgage company.

Another option is to change the options for sale to a rent to buy situation whereby the buyer pays your mortgage down and pays your equity at some point in time down the road on a promissory note.

Find a real estate agent or property buyer who will not be resident in the property who will buy it on a contract for payments of the monthly mortgage for a specified time then pay your equity off when they finally find someone to sell it to.

If you do rent the condo out, hire a property manager to be in charge of keeping tenants in and taking care of maintenance problems. 50 miles is not far today, but running back and forth because of a drippy faucet is no fun.

As to the bonus, take the contract (assuming it is in writing) to the union or a lawyer to see if the employer correctly interpreted the deal. If he is incorrect in withholding the money, you may well have the right to sue for the past due wages. However, I doubt that trying to get the employer to pay up is a viable option.

I think you need to get the condo rented to improve your financial situation and to have it handled by someone local, not yourselves. The rent could be paid directly to a bank account from which the mortgage can be transferred electronically.