Hello and thank you for taking the time to read this post and possibly provide some help. Three years ago my husband built the house we are living in as an 'investment' property. It's our first home but much too big and the intention was to sell at a fair price for a fair profit. However, we all know how this turned out. The market crashed, the house is now upside down by about $125,000 and the two neighbors on either side gave their houses back to the bank. My husband lost his job about six months ago and there is no work. He tries daily. I have a good job and have been lucky to keep it however, it will not support a first mortgage payment of $2716 IO for five years. $5500 in taxes a year, plus all the insurance etc. Basically, his "boss" left us with about $15,000 in debt on credit cards. I am current on everything else........the second is $700 per month. My question is this.........is Bk any better at all than foreclosure. We did try and sell but noone came for a year. We lowered the price by $80,000 but it is upside down. We worked out a loan mod with the lender but they are NOT IN THE REFI BUSINESS ANYMORE (SAXON) and are merely a debt collector and beside we can't afford ANYTHING close the the $3200 in mortgage payments. I am 44 my husband is 39 I just want to start over. How are we going to find a place to live with our credit shot?
-
-
Hi & welcome to the forum! It is really tough, but the bottom line is, can you afford the house? It sounds like the answer is no... When we relocated in October, our credit was shot - showing 4 delinquent mortgages and 10 delinquent cc's, and we still found a brand new 4 BR 3 Ba house to rent! They didn't even ask for an extra deposit amount. There are a lot of people out there who will be understanding. Best wishes to you!
Comment