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I have a mortgage with a balance of 314K. We bought the house 5 years ago for $239K. 3 years ago I suffered a massive heart attack and was out of work for 9 months +. I have been struggling with medical debt and many other bills. In 2007 we refinanced and pulled out equity to live on. The house appraised in 09/07 for 389K. With the drop in the economy, it now appraises at $267. I am behind 2 months of mortgage payments now and my PITI is $2543.00. Out net income is such that after the house pmt and other monthly expense we have an surples of $98.00. I am scared because we live month to month, we cashed in our 401K and sold everything that was "extra". A few unexpected expenses puts us behind and that is why we have over 5000.00 in arrearages. I can't even sell it for what we owe plus houses are not even selling in this area at all. I just want out. My dreams of having $$$ to retire some day are bursted. Should I scratch and claw to catch up only to get behind again. I can't take the stress. I don't know much about it. How can I get out of this and what would I be liable for if I just wanted to move and rent a small apartment?

smckaybiz · Posted: Thu Nov 05, 2009 8:52 pm Post subject:

Hello debih,

I normally wouldn't jump right to conclusions but have you ever considered filing for bankruptcy? It may be an option and would probably be just about as damaging to your credit as having a house forclosed on. It will probably take years to repair your credit but atleast you can have a fresh start, live more modestly, and finally start preparing (again!) for that retirement that will be creeping up on you sooner than you think.

Just a fact to point out: There was recently a Harvard study done that found that over 50% of all bankruptcy filings are due to medical bills. And over 70% of those were people that had good medical insurance.

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foreclosure or not