Re: What to do?
Posted by Paul Earley on December 30, 2007 at 07:24:53:
In Reply to: Re: What to do?
Posted by steele in minnesota on December 30, 2007 at 07:09:05:
Thank you for response. I am sick to my stomach as I never intended to put my family in this position. I did all of the right things. I bought way less than I could have qualified. I bought in a great school district. I do not have toys or big screen tv. I have lost 25-30% of my income and can not replace it it with a 2nd job. I sold my car and am down to 1 car now. I have a 800 credit score and now have 20,000 on 0% CC with 9,000 of it sitting in savings to help with house payment. I do not have arm mortgage problem, I am just not making enough to pay the bills let alone go out and eat every once in awhile. What little research I have done suggests foreclosure is the best option. I can wait 3 years to buy another house as why would I put money into a depreciating asset. I am an appraiser and I would not buy a house right now unless I new for sure that I was going to be there for a LONG time. But nobody knows. I will list my house with every intentions of selling it but it is not looking good. I just put 20,000 into my basement-gone. I do not think I will get what I owe. I put down 5% and did some improvements. All of that money is gone. I do not think it is the banks fault which is making me sick to my stomach. I do not think I could live in the house with out making some kind of payment. I do not beleive that is honoring to a contract that I signed (mortgage) I want to do the right thing but it seems my hands are tied with the depreciating housing market.
Paul
Follow Ups:
- Re: What to do? (url) - Julio Martinez-Clark 09:00:47 12/30/07
(0)
