I've been reading these boards for a month now. This is my first time posting.
Here's my story.
My husband and I purchased a condo in South Florida. We lived there for four years. During that time we had a baby, the condo was a one bedroom, so it was time to move. The housing market was way over priced, a nice, normal house would cost us $380+. We decided to move to Charlotte. My husband's job transferred him there and my job allowed me to work from home. During the four years we lived there we also purchased another apartment, which we've been renting out.
When we moved to Charlotte, we tried to sell the condo, hoping to use that to pay off a lot of credit card debt and have some left over for a down payment on a house. We owed 214k on the condo. Two years prior it was appraised at 380K. We were surprised when the realtor told us we wouldn't be able to sell it for more than $160k, if we were lucky. So we decided to rent it out.
Six months went by and no renters. So we were paying for rent in Charlotte and the mortgage plus HOA for the condo. Our large debt pile grew to a mountain. Before we knew it we had accumlated to $45k in credit card debt. We also had a 43K HELOC on the other apartment we bought.
We finally found renters for the condo, but the rent was no where near enough. We had to pay 1k out of our pocket to meet all the expenses.
In November, we stopped paying the condo, after our ARM mortgage went up by $500. We used the rent from the condo to help pay for credit card debt. It took us 4 months to realize that without that rent money we could not pay our bills. We were still living off credit cards. It wasn't until we completely stopped using them that we realized we can't pay.
The condo is in foreclosure, actually we finally did get an offer, 160K. The bank is evaluating the offer. We still do not know if the short sale will be approved.
So here we are. The tenants lease will expire in August. Without that money, we can't pay our bills. The tenant in our other apartment has decided not to renew. So now we must look for new tenants by June 1st. If not we'll be even more screwed.
So far the foreclosure pending is the only negative thing on our credit report. We've never paid anything late. We are going to a credit counseling session today to see if a DMP will help us. But honestly I fear that bankruptcy is the only way. Maybe I'm wrong.
So I have lots of questions, and I'm sure you'll be seeing lots of me.
I just wanted to introduce myself.
Do you all think bankruptcy will be my only solution?
Here's my story.
My husband and I purchased a condo in South Florida. We lived there for four years. During that time we had a baby, the condo was a one bedroom, so it was time to move. The housing market was way over priced, a nice, normal house would cost us $380+. We decided to move to Charlotte. My husband's job transferred him there and my job allowed me to work from home. During the four years we lived there we also purchased another apartment, which we've been renting out.
When we moved to Charlotte, we tried to sell the condo, hoping to use that to pay off a lot of credit card debt and have some left over for a down payment on a house. We owed 214k on the condo. Two years prior it was appraised at 380K. We were surprised when the realtor told us we wouldn't be able to sell it for more than $160k, if we were lucky. So we decided to rent it out.
Six months went by and no renters. So we were paying for rent in Charlotte and the mortgage plus HOA for the condo. Our large debt pile grew to a mountain. Before we knew it we had accumlated to $45k in credit card debt. We also had a 43K HELOC on the other apartment we bought.
We finally found renters for the condo, but the rent was no where near enough. We had to pay 1k out of our pocket to meet all the expenses.
In November, we stopped paying the condo, after our ARM mortgage went up by $500. We used the rent from the condo to help pay for credit card debt. It took us 4 months to realize that without that rent money we could not pay our bills. We were still living off credit cards. It wasn't until we completely stopped using them that we realized we can't pay.
The condo is in foreclosure, actually we finally did get an offer, 160K. The bank is evaluating the offer. We still do not know if the short sale will be approved.
So here we are. The tenants lease will expire in August. Without that money, we can't pay our bills. The tenant in our other apartment has decided not to renew. So now we must look for new tenants by June 1st. If not we'll be even more screwed.
So far the foreclosure pending is the only negative thing on our credit report. We've never paid anything late. We are going to a credit counseling session today to see if a DMP will help us. But honestly I fear that bankruptcy is the only way. Maybe I'm wrong.
So I have lots of questions, and I'm sure you'll be seeing lots of me.
I just wanted to introduce myself.
Do you all think bankruptcy will be my only solution?
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