possible foreclosure and what to do?

Posted by Laurie on October 13, 2006 at 22:09:46:

Hello,

I am single, was making over $100,000 and bought a house with 2.5 acres in Fresno County 1 year ago. I got layed off 3 weeks ago and have no other source of income except unemployment. I also have alot of other bills that I currently am having a hard time paying since the layoff.
I have my house on the market for a fair value of $559,000 (I have 2 loans that equal $500,000.) There are 4 other homes in the area that are asking quite a bit more, but they aren't selling either.
I'm not sure quite what to do. I could probably make my payments on my credit cards if I didn't have this mortgage and cominbg up the first in Nov. will be my 3rd missed payment. I am scared that if it goes into foreclosure I won't be able to rent anywhere else and I will be living on the street. Should I find a place now to rent while I don't have the foreclosure on my credit? My credit as it is has been shot recently from alot of lates (from being in the real estate industry and income going down.) Please help!!

Laurie

Follow Ups:

• Re: possible foreclosure and what to do? - Robert 12:40:17 10/14/06 (0)

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Comments:
: Hello,

    I am single, was making over $100,000 and bought a house with 2.5 acres in Fresno County 1 year ago.  I got layed off 3 weeks ago and have no other source of income except unemployment.  I also have alot of other bills that I currently am having a hard time paying since the layoff.  
   I have my house on the market for a fair value of $559,000 (I have 2 loans that equal $500,000.)  There are 4 other homes in the area that are asking quite a bit more, but they aren't selling either.  
    I'm not sure quite what to do.  I could probably make my payments on my credit cards if I didn't have this mortgage and cominbg up the first in Nov. will be my 3rd missed payment.  I am scared that if it goes into foreclosure I won't be able to rent anywhere else and I will be living on the street.  Should I find a place now to rent while I don't have the foreclosure on my credit?  My credit as it is has been shot recently from alot of lates (from being in the real estate industry and income going down.)  Please help!!

Laurie

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