“Dear Steve,
We’re not in foreclosure only because we pay the mortgage first, but several other bills are way behind, and it was our poor choices and taking loans against the house that got us here.
No reputable lender would help us now, and it seems the only way out is to get rid of the house. We don’t want to, but what other choice is there? I would rather file bankruptcy than continue paying a ludicrous amount for a house that’s worth less than what we owe. To top it all off, the economy is crap, and I retire from the military in 4 years.
We want children, and need money for that as well. All this constantly eats at me, and as they say “Desperate times call for desperate measures.” If I end up on the news, don’t be surprised. I’ve gotta do for my family, somehow.
Jeff”
Dear Jeff,
Desperate times do call for desperate measures but those measures at least can be lawful and logical. Doing something that will wind you up on the news, like robbing a bank, isn’t one of them.
If you can’t afford the house, and it is getting too expensive, then there really isn’t an expectation that you can afford to keep the house. Move on. Move on before you do something really stupid or desperate that will only make your life worse, not repair it.
With your credit in the toilet it is unlikely that you’ll be able to refinance but you could always talk to your current lender to see what loan modification plans they can offer you, if any.
If they can’t help and you can’t sell the house then give it back to the bank, consider going bankrupt to purge your other bills and start over. It sucks, but bankruptcy still is a legal solution for impossible financial positions, doing something desperate is not. And based upon what you shared with me, you certainly feel like your situation is impossible.
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.
Do you have a question you'd like to ask me for free? Go ahead and click here.
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So I think, that everything will be OK, just don’t give up.