Posted on: 14th Mar, 2009 09:22 am
i am a bit confused! i have a bedroom condo in folsom, california which i paid 180k for. my mortagage is $1,400 a month on a fixed loan, and then i have $200 a month fee's to live in the complex. there are one bedrooms for sale in our complex for 100k, so i am going no where with this place. all i keep reading is that my credit score will be hurt if i walk away. i tried to make sense into doing a short sale, deed in lui, verses forclosure. i have not lived in my place for 2 years yet, so i don't think the mortgage forgivness act will help me.
it doesn't make sense to me to stay here and stay broke trying to make my mortgage when i can rent for much cheaper and have money to be able to live a normal life.
i am so torn on what to do, and if my only consequence is a bad credit rating, so be it.
with so many bankruptcies going on, i find it hard to believe that they will garnish my wages, take my 401 that i don't have, or take my cars. is this something that has been happening to people who do walk away? so far i have not heard of anyone who has had that happened to them. i am just tired of living to pay my mortgage, and since my lender willl not help me refinance to a 40 year loan to lower my payment, i don't see it being worth my while to stay broke for the next 5+ years hoping that the market will come back so that i can sell my place.
what would be the worst thing that could happen? what taxes or leans do you see forthcoming?
your thoughts are greatly appreciated.
it doesn't make sense to me to stay here and stay broke trying to make my mortgage when i can rent for much cheaper and have money to be able to live a normal life.
i am so torn on what to do, and if my only consequence is a bad credit rating, so be it.
with so many bankruptcies going on, i find it hard to believe that they will garnish my wages, take my 401 that i don't have, or take my cars. is this something that has been happening to people who do walk away? so far i have not heard of anyone who has had that happened to them. i am just tired of living to pay my mortgage, and since my lender willl not help me refinance to a 40 year loan to lower my payment, i don't see it being worth my while to stay broke for the next 5+ years hoping that the market will come back so that i can sell my place.
what would be the worst thing that could happen? what taxes or leans do you see forthcoming?
your thoughts are greatly appreciated.
You should work with your lender to lower your payments. The best scenario for you is to stay in the place and keep making payments that you can afford.