On Friday, July 5, 2019 at 10:38:39 PM UTC-4, Clare Snyder wrote:
On Fri, 05 Jul 2019 20:43:15 -0400, micky
wrote:

What is one to do if he wants to sell real estate, but he bought it not
long ago, prices have gone down since he bought it, he has no other
substantial assets, and the highest amount he can sell it for is not
enough to pay off the mortgage?

Sounds like another Mikey screw-up.

It's apparently a hypothetical. One thing the owner can do is talk to the mortgage holder, see if they will do a short sale, where they agree to a sale price less than the mortgage. If not, the owner can offer to sign over the deed to the mortgage holder. If they refuse, let them foreclose. If the owner has no significant assets, no good income, unlikely a bank would try to sue them to try to recover money. Can't get blood from a stone.