[Stephen P]

This is my primary residence. Mortgage was for around $82K, owe about $75K, but the repairs will cost at least $40-50K (MAJOR basement repair, new kitchen, bathroom, new flooring throughout, etc). I was aware of kitchen replacement, etc, but the basement issues I just discovered and that could easily be $25K to fixLiving in MI, the house, even after repairs would probably only sell for $100K. Should I do the repairs and try to sell, taking the loss, or should I stop making payments, save up what I'd pay monthly and find someplace to rent until I can buy again?I really don't have the $ to make major repairs, and don't have the credit to get a HELOC or other loan.I do not currently have a reason to move, such as a change in my job. However, I feel like I'm just dumping $ into a money pit, even by paying the mortgage. I could pay rent and not have to worry about maintenance. Plus with the foundation issue, I'm worried the whole house is going to collapse. Then what?I was considering taking that house payment, banking it until we are foreclosed on, and then finding a rental and still be up many thousands of $. A short sale probably wouldn't work since the foundation is crumbling; I'd only be able o sell for maybe $30K due to all the work needed...Wow Rodney, that was EXTREMELY helpful. I thought the purpose of Yahoo Answers was for people to be helpful, not have an outlet for their need to be a jackass .. or did you miss that part of the equation? I fail to see how MY mortgage would have an effect on YOUR taxes. Why don't you try to get information to back up your rantings before you post. Next time someone wants you to take a $50,000 loss, let's see how you feel about it.Stan, thanks for your thoughtful advice.Smiling - I didn't say I had done it yet. I said I was considering it. Hence the asking of the question. If I had already decided to walk away, do you think I'd be asking the opinions of posters on this site?You could have simply stated that I should look into a homeowner's claim to fix the basement issue, not be a jerk about it!You're just another keyboard cowboy, apparently, with nothing better to do than insult people and hide behind your monitor. What for? The sake of gathering "points" on here? Grow up!