A little over a year ago my husband lost his job. He got a new job two hours from our home. We were approved for and bought a home in the new town with the idea that we would be able to sell our first home. Of course, at that time, the economy took a total dive and we are left with a home that we do not live in but owe a first mortgage of approximately 98000 and a second mortgage of 28000. We owe approximately 100000 on our second home. We have enough credit card debt that with both our our jobs we are 900 short per month and have been robbing peter to pay paul. We have no savings and four kids. To say we’re stressed out is an understatement.
Would we be smart to let the house in our hometown go into forclosure and stop paying both the first and second mortage and then work hard and diligently to pay off the other debt? I so don’t want to file bankruptcy because where I work I will most likely be let go. Please help?!?!
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