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Old 10-08-2010, 03:52 PM
 
Location: California
37,077 posts, read 42,043,953 times
Reputation: 34889

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I just have to ask, why in the world did you buy a house? You don't make enough for that obviously. You may want to think about selling if this is going to put you in the position of not making your mortgage payments. You don't want to start your child out in life as someone on welfare or homeless or whatever. Maybe sell, then rent a cheap 1 bedroom place for the 3 of you until things get better.
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Old 10-08-2010, 04:25 PM
 
4 posts, read 9,125 times
Reputation: 19
Tightwad, (lol at the name)

I would absolutely have to agree with you!! I was 16 when I started college and promised that my field was growing and I'd land a huge job...when you're so young you don't assume any different either. Unfortunately, my parents didn't know any better either and didn't warn me! (Of course, the economy wasn't what it is now, either)

As for consolidating, I'm screwed because most of my loans are from Sallie Mae. I think I may look into the forgiveness thing...thanks for mentioning that!!
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Old 10-08-2010, 04:29 PM
 
4 posts, read 9,125 times
Reputation: 19
@ Ceece,

I will absolutely not sell my house! My mortgage payment is $25 more than my monthly rent was...and I lived in a small one bedroom apartment with my husband on a bad side of town. $25 more dollars for a 3 bedroom house and I'm not sinking my money into someone else's property...I don't think that was a foolish move. Plus, I got the $8,000 first time home buyer credit.
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Old 10-08-2010, 04:42 PM
 
Location: Planet Eaarth
8,954 posts, read 20,626,399 times
Reputation: 7193
Quote:
Originally Posted by sydbristowwannab View Post
Tightwad, (lol at the name)

I would absolutely have to agree with you!! I was 16 when I started college and promised that my field was growing and I'd land a huge job...when you're so young you don't assume any different either. Unfortunately, my parents didn't know any better either and didn't warn me! (Of course, the economy wasn't what it is now, either)
Since school got you in debt then use another school to get outta debt.

Find a trade that pays well then go to school , or become an apprentice, for that trade. If nothing else you'll learn a trade that will feed & shelter you & yours until something better comes along. The plus is it won't cost you another pot of money like college did.
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Old 10-08-2010, 06:27 PM
 
Location: Atlanta, GA
1,209 posts, read 2,241,421 times
Reputation: 886
Quote:
Originally Posted by sydbristowwannab View Post
@ Ceece,

I will absolutely not sell my house! My mortgage payment is $25 more than my monthly rent was...and I lived in a small one bedroom apartment with my husband on a bad side of town. $25 more dollars for a 3 bedroom house and I'm not sinking my money into someone else's property...I don't think that was a foolish move. Plus, I got the $8,000 first time home buyer credit.

Maybe you should sublet.
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Old 10-09-2010, 02:46 PM
 
1,077 posts, read 3,226,930 times
Reputation: 925
Quote:
Originally Posted by Mercury Cougar View Post
Well, you're pretty much SOL. You borrowed it, you have to pay it back, and with student loans you can't bankrupt your way out of it.
Wow, have you ever thought about being a professional advice giver?
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Old 10-09-2010, 03:05 PM
 
Location: Elsewhere
88,224 posts, read 84,127,726 times
Reputation: 114530
I agree with those who said to contact the lender. It's always better if you approach them first.
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Old 10-09-2010, 03:29 PM
 
Location: Warwick, RI
5,445 posts, read 6,220,490 times
Reputation: 9356
To the original poster - Do not fear your debt, meet it head on. Do not hide from it, attack it. Do not ignore it, or it will get worse. Here is a great article that should hopefully give you a little inspiration. Debt, even in an amount like $40,000, can be handled if you are determined to eliminate it, and in a lot shorter of a time span than you think, you can be debt free and building your savings and investing for your future. Take it from me, I've been there. Good luck to you, and make sure to read this article:

biggest-loser-of-debt: Personal Finance News from Yahoo! Finance
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Old 10-10-2010, 03:43 AM
 
4,399 posts, read 10,642,201 times
Reputation: 2383
Quote:
Originally Posted by sydbristowwannab View Post
@ Ceece,

I will absolutely not sell my house! My mortgage payment is $25 more than my monthly rent was...and I lived in a small one bedroom apartment with my husband on a bad side of town. $25 more dollars for a 3 bedroom house and I'm not sinking my money into someone else's property...I don't think that was a foolish move. Plus, I got the $8,000 first time home buyer credit.
You do not have to pay $575 a month I don't think? What interest rate are you paying? My student loans are a little over twice your amount(I do make more than you plan on making though) and my minimum payment is about ten percent less than you are paying. But other than that you will have to pay it back. Another job rent out a room etc
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Old 10-10-2010, 07:22 AM
 
3,504 posts, read 3,910,265 times
Reputation: 1357
trade school is a good way to go, many, including myself dream of a bachelors though. i dont know why, but i do.
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