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I cant pay my mortgage!?
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?
4 Answers
- Ryan MLv 71 decade ago
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!
- lightupthesky25Lv 51 decade ago
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.
- kateLv 71 decade ago
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.Lv 61 decade ago
yes, attempt the short sale.
IN the meantime, try to move into a smaller home or even a condo if you can get it.
