Posted on: 29th Jul, 2011 02:19 pm
im upside down bout 50k on my house and want out badly... have 3 kids all under 10 with active little life... me and my wife both work fulltime 50k year for me and 25k for my wife... i can make all my bills but will be left with nothing after that.... my neighborhood is just going down the drain FAST and dont want my wife and kids to have to live this way... getting ready to walk away from my house been try n to work with my morgage holder but they want nothing to do with me cuz i'm always on time with payment for the past 10 years... try to sell for what i owed but nothing for a year... try to do short sale but i DONT QUALIFY... seems my ONLY option is to walk away and file bankruptcy chapter 7 if or when morgage holder comes after me... i know if i cut out my kids dance classes (that they love soooo much) and sold couple family toys (boat,fourwheeler) we would be fine but still will be in a upside down house we want NOTHING to do with... guess im just looking to find a way out of this house and cover myself if or when the morgage holder comes for the money i walked out on... any and all advice please
Hi joel,
As you're current on your payments, your lender won't give you any hardship programs. You will be able to get help of hardship programs only when you are delinquent on your payments. You should contact your lender and check out if he will consider the option of deed in lieu of foreclosure which might help you in getting rid of the property.
As you're current on your payments, your lender won't give you any hardship programs. You will be able to get help of hardship programs only when you are delinquent on your payments. You should contact your lender and check out if he will consider the option of deed in lieu of foreclosure which might help you in getting rid of the property.
You can get the most suitable advice if you consult for an the best mortgage broker in your place. There are a lot of options that you can make aside from filing for a bankruptcy. Let an expert deal with your problem.
I'm afraid a mortgage broker isn't going to be the best person to whom to turn in your circumstances. You've mentioned bankruptcy, you've mentioned walking away...it would seem that walking away is equally as disastrous a measure as skipping a few payments (which would get the attention of your lender).
