Because of the volume of submitted questions, I am behind in personally answering every single one. I need your help. I am publishing the question below for you to answer. Please help this person by adding your response and advice in the comments section of the original question. Click here.
We were relocated about 2 years ago from Fl to Ga…house in Fl wouldn’t sale and was not worth what we had paid. Tried everything to save it…spent our entire savings, charged up $38,000 in credit card debt, cashed in what small 401K’s we had and finally short sold house in July 2008. Credit score went doen to about a 640, credit cards cancelling the moment I pay them off and hiking interest rates up on the ones I have the biggest balances with. Can’t get a new home loan for next 5 years, because now they say short sale is a foreclosure…and because I was told if I short sold the house I could get a new home in a year I agreed to sign a $30,000 promissory note to the PMI company. Boy did they hose me! I just want to save up enough money to move back to TX where my family is and start fresh. Considering bankruptcy just to get the hell out of here. This place has ruined our lives and our kids lives. My husband is misserable in his job, my 6 year old is showing huge signs of stress and is falling way behind in schoool. We have no friends or family within 500 miles and we feel like complete failures. Life really sucks…but we are making good money…it just all goes to the darn bills!
What should I do? Keep fighting to makes sure my credit stays good…the only negative thing on there is the house….or file BK and move on?