Renting Out or Selling the Property
If there is other accommodation in which you could live, renting the mortgaged property out could be a feasible proposition. However, some banks and building societies charge higher rights of interest when tenants live in mortgaged properties.
Instead, a quick sale may prove to be the best option overall. Depending on your housing needs and if circumstances permit, this option could lead to a better outcome over time – even if it involves some inconvenience at first. By selling, technically, you would not have defaulted on mortgage payments, or at least for long. Maintaining some control is advantageous; sales by owner-occupiers tend to secure better selling prices than forced disposals at public auctions.