I cant pay my mortgage!?

Question

recently my family has been having huge money problems. we bought our first house in 2006 for $210,000, and today it has declined to only be worth about $110,000. Well recently my wife was laid off from her job, and i work i construction and my company is slowing down almost cutting my pay in half and we can no longer afford our mortgage. we signed up for the bailout information months ago but we still have months to wait. what do we do??? would it be smart to go in a short sale?

Ryan M · Answer

1) Since you are basically so far underwater that you are drowning, you will not qualify for the "bailout".  You are WELL past 105% LTV on your loan.
2) If you can short sale, that is BY FAR your best option.
3) Next time, don't buy a home during an inflated market. Price DON'T always go up!

lightupthesky25 · Answer

You might as well attempt to go short sale. The bank may not accept an offer you can realistically get, but it's worth trying.

kate · Answer

I  have  a  niece  that  happened  to ,
Then  they  found  a  better  house  just  blocks  away  for  a  LOT  less .

They  moved  and  are  much  happier  and  less  stressed .

>

Me F. · Answer

yes, attempt the short sale.
IN the meantime, try to move into a smaller home or even a condo if you can get it.

I cant pay my mortgage!?

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