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Should We Let Our Home Go and Start Over? – Jon

“Dear Steve,

Primary residence in Calif. inital loan 150K in 90. refinanced 2 times now owe 300K. Also have helock for 73K and pool loan for 52K. Home was worth 525K in 08, but now worth 195-225K. Very upside down. wife is self employed and i teach. business has really dropped off and payments are a problem, plus reitrement is not fare off and will not be able to meet all once income chages, should we let home go and start over, we have a rental we could move to, and afford?? where can i find a lawyer to talk to. all info i find is just ideas and speculation, i need some facts. i am willing to take a credit nose dive for the next few years if it means less stress financially

Jon”

Dear Jon,

This is just my personal opinion but I’d have to go with “Hell Yes!”

I see debt problems as more than the immediate crisis. They are part of a greater life experience. I guess you could say that my approach is more holistic.

The way I see it this is a mess greater than you and you’ve got two choices. You can either spend the next few years living in pain, stress, and this cesspool or you can toss in the towel, get a fresh start with bankruptcy and start rebuilding a better life. But that’s just me. I’ll vote for happier lives over unresolvable financial situations any day.

If you look on my page about how to find a bankruptcy lawyer you’ll find a couple in CA I like. Otherwise, click here to find a local bankruptcy attorney.

Sincerly,
Steve

You are not alone. I'm here to help. There is no need to suffer in silence. We can get through this. Tomorrow can be better than today. Don't give up.

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About the author

Steve Rhode

Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.

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