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It sounds like your home is in disrepair, you are underwater, and want a way out.... there's nothing wrong with that... but own up to it.... don't blame it on an "epidemic." You don't want to throw good money after bad.. completely understandable.... but I'm not going to give you any sympathy unless you really have a hardship
I do understand everyone's point of view, and am not looking for sympathy. I am and will prepare myself for whats coming. Once again I cannot afford the repairs for the home. Do I have a hardship? Does living paycheck to paycheck count?
I'm simply trying to go over all scenarios to protect me and my family. All personal opinions are just that. (I'm sure I opened myself up for that when I posted the thread). Once again I am not alone on this , my situation did not happen because of greed or anything.
Just simply trying to support and raise a family.
Do I have a hardship? Does living paycheck to paycheck count?
If you spent freely on things, figured you'd "worry about it later" and let the home fall into disrepair then the hard ship is self-inflicted and you living from paycheck to paycheck was caused not by a epidemic but from your own hand. Did your daughter default on her loan? How is your credit shot from that? What's up with her not paying her bills?
If you are employed and able to pay your mortgage every month, to me, you are not facing a hardship. You are simply living by virtue of the decisions that you made to ignore the necessary repairs and spend your money elsewhere.
Now your distressed home will drop the value of your neighbors' homes or will sit empty if you walk away from it. Wanting to "protect your family" is noble but could that not have been done in the past had you not spent beyond your means? Now you want to find a way for you to walk away scott free and leave the fallout for your neighbors. How nice.
wwoooo woooo, sounds like the moral police have arrived. I will answer the question you asked because I am not about to analyze what got you into the situation. That is your business.
The foreclosure process varies from state to state. I agree with another poster on finding out if your state is a recourse state. You could be sued for the amount owed. If this happens then maybe bankruptcy is an option. If you are not sued you will take the hit on your credit. I believe and just estimating here, a foreclosure drops your score a 100+ points. I have known people where it had dropped up to 150. There is life after foreclosure. You can purchase another home again, there is waiting period usually of 3 yrs. I know this is a difficult time for you and I wish you the best of luck.
Once again I will say, some folks cannot identify with others struggles to raise a family as everyones circumstance is different (please take a moment to think about that). There has been no free spending only what we truly need. Yes we have my wife and I have a car and cell phones, cable tv and the internet. I do have a failed home business, but again I simply chose to query this forum because I know the caliber of people here are in the know.
For the record I am current on my mortgage, and I do appreciate all responses but try not to get emotional and save the sermons please. I do believe that this will be helpful if I can weed out the rants.
So far I have been given options to ponder, short sale, bankruptcy and a few others.
Will I be able to rent a home with my already bad credit? I'm pretty sure that I will be responsible for home tax until the bank takes it over.
I'm still waiting to find out why the foreclosure is imminent. If you're current on your mortgage the bank has no interest in taking over your home. If the house is falling apart around your ears then you need to fix it.
Unexpected stuff happens but it does sound like you're in this situation due to making poor decisions. If I were you I would exhaust all other options to make the repairs without stopping the payments. Pay for the repairs with a credit card then cancel all your extras like cable, internet and cell phones so you have money to make the monthly payments on the card. If your cards are already maxed out then you should probably sign up for a free money management class like those that a lot of churches, park districts, community colleges and cities offer. Your situation is uncomfortable but it certainly does not sound dire.
Also, while your daughter's college education is important there does come a point when you need to push her out of the nest and figure out how to fly on her own. Now may be a good time for that considering that your nest is currently falling out of the tree.
I think that I will pass on the credit card advice (high intrest) The daughter fiasco is a done deal, she is gone but the loans are in default. I'll repeat my plight. I am facing around $8000 in repairs to a drainage field. Around $3500 for heating and air. Those two require immediate attention. There are also other items. My total debt which I am current with and paying off is around $18,000. Problem with that is it is spread out among different lenders. I can no longer borrow any more money. That is exhausted. It is also a little late in the game for class.
I do have one question, how does one function in this day and age without cell phones and internet? Point well made on the cable tv.
I think that I will pass on the credit card advice (high intrest) The daughter fiasco is a done deal, she is gone but the loans are in default. I'll repeat my plight. I am facing around $8000 in repairs to a drainage field. Around $3500 for heating and air. Those two require immediate attention. There are also other items. My total debt which I am current with and paying off is around $18,000. Problem with that is it is spread out among different lenders. I can no longer borrow any more money. That is exhausted. It is also a little late in the game for class.
I do have one question, how does one function in this day and age without cell phones and internet? Point well made on the cable tv.
You need to sit down and make a list of your income and all your expenses. You'll need that if you want to try a short sale or declare bankruptcy.
As far as a rental goes, you will find a landlord to rent to you. Whether or not you like the property or it is in an area that you really want to live in is another matter, but you will find someone to rent to you.
You can`t function without a phone and if you are doing business with your computer,then you need that to.
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