Posted on: 22nd Dec, 2008 06:30 am
Here is the situation...
Bought a house for $480K
House appraised for $500K
Now the house is worth....$300K or less.
My income has gone down, child support has gone up due to spouse not working and it is a struggle to pay the bills.
If I do not pay child support I can go to jail, the courts do not care what my bills are.
Now what to do with the mortgage, can NOT refi and there are 7 houses under forclosure in my community.
Bought a house for $480K
House appraised for $500K
Now the house is worth....$300K or less.
My income has gone down, child support has gone up due to spouse not working and it is a struggle to pay the bills.
If I do not pay child support I can go to jail, the courts do not care what my bills are.
Now what to do with the mortgage, can NOT refi and there are 7 houses under forclosure in my community.