My husband and I just got married in March. We are living in a small condo that my husband had bought about 5 years, when the housing market was at it’s peak. He bought it for 110,000 and we are at 100,000 on the mortgage. We checked into the value of the home because we want to start a family and buy/rent a bigger place. The value is $54,000. We also have about 35,000 in credit cards between the two of us. We have tried everything to get out of this house, get our cc’s interest rate down, but nothing is being done.
What can we do to get out of our house or something with our mortgage and our debt?
Jennifer
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You should talk to a bankruptcy lawyer in your area. Depending on your income and other factors, you may be able to “walk away” from the condo and not be liable for the loss between the mortgage balance and selling amount. Bankruptcy will also discharge your cc debt. It worked for us and we’ve changed our spending habits and are in a better neighborhood to raise our daughter.
You should talk to a bankruptcy lawyer in your area. Depending on your income and other factors, you may be able to “walk away” from the condo and not be liable for the loss between the mortgage balance and selling amount. Bankruptcy will also discharge your cc debt. It worked for us and we’ve changed our spending habits and are in a better neighborhood to raise our daughter.