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should I walk from my house?

Posted on: 20th Jun, 2009 05:58 am
I owe $230k. Market Value is $150k. My wife lost her income. My income is $60k(gross). Credit card debt of $20k. Behind 3 mos on mortgage payment. Loan Mod changed my monthly from $1688 to $1944. I can't afford this payment. Is it worth trying to hopelessly grind it out? Or should I file chapter 7 and get an apartment to get a fresh start. I hate the idea of bankruptcy, but is that the right choice for my situation?
steveeverett

welcoem to the forum

i am surprised to see that you singed up for a loan modification which resulted in higher monthly payments.

having said that, you would want to call you bank with the current situation and see fi they do one more modification based on yoru financial situation

you always have the option of doing a short sale or do a deed in lieu of foreclosure before you take extreem mesures

good luck and feel free to ask
Posted on: 20th Jun, 2009 10:11 am
steveeverett,

At this moment if you are ready to start afresh and ready to leave the home then I think short sell is one of the best alternative available to you.

search for an apartment and you will be relieved from unnecessary worry about the mortgage payment which you can not afford.

keep in touch..........

:arrow: :arrow: :arrow:
Posted on: 20th Jun, 2009 10:59 am
Steve

I will assume that you meant your ARM just adjusted and resulted in a higher payment. Nobody would modify your loan upwards.

Now, I would love to know where you are spending your money. $60k in gross income should net you about $3,800 per month. More than enough to pay your mortgage.

Also consider a second job, etc However, do not walk away from your home and/or file for bankruptcy
Posted on: 20th Jun, 2009 11:19 am
Good suggestion Eric
Posted on: 20th Jun, 2009 03:32 pm
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