Q: I am a widow in my 70s and my mortgage is underwater. Can I just let the bank foreclose and move on? I don’t want to buy again, just rent.

A: We’re not fans of just letting the bank foreclose on homes. We think foreclosure should be a plan of last resort. Underwater homeowners usually fare better if they try to market and sell the home with a real estate agent. Sometimes, the price you get by selling will be sufficient to pay off the lender and all expenses of the sale, and you’ll walk away with other options. In other situations, the cash coming out of the deal may not be enough pay all of the expenses and the lender will agree to a short sale.