Running out of options....

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Posted by Brad on December 02, 2004 at 00:51:22:

I purchased my home in April 2000 for $ 70,500. The original rate was 12.00%. In 2003, my credit was much better and I refinanced at 6%. I have had several financial disasters recently. In August 2003 I took out a HELOC woth Household Financial at 16.99%. I currently owe about $ 83,000 on the home. I beleive it to be worth around $ 70,000-80,000 at best. I am now a month behind on the payments and am unemployed. I have been living off my 401k since loosing my job (this is the third layoff in 2 years). The economy in my area is terrible, even if I find a job I doubt it will pay more than $ 9/hourly. I hate living in Omaha and really wants out from this house. Is walking away my only option ?

Follow Ups:

• Re: Running out of options.... - jay 22:30:51 12/02/04 (0)

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: I purchased my home in April 2000 for $ 70,500. The original rate was 12.00%. In 2003, my credit was much better and I refinanced at 6%. I have had several financial disasters recently. In August 2003 I took out a HELOC woth Household Financial at 16.99%. I currently owe about $ 83,000 on the home. I beleive it to be worth around $ 70,000-80,000 at best. I am now a month behind on the payments and am unemployed. I have been living off my 401k since loosing my job (this is the third layoff in 2 years). The economy in my area is terrible, even if I find a job I doubt it will pay more than $ 9/hourly. I hate living in Omaha and really wants out from this house. Is walking away my only option ?


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