My husband and I have pretty much made up our mind that we are filing bankruptcy on our house. We feel there are no other options. We owe 133K and our house is not even worth 110K and it needs about 20K worth of work done to it. We had a masion tell us he wont even work on our house becaues it is that bad and not worth it. Not to mention we have drugies living next to us, a sex offender behind us (both just moved in) and live on a main road. It is our first house and we didnt have our daughter. Now we have a baby and the place is just going down hill all around us. My dad has already gotten himself approved for another mortgage for us to get out of here and we will pay it and when our credit is good enough to buy it back we will. I am just looking to hear what other people have to say...NO bashing please, we feel like this is what is best for our daughter and she needs to come before our credit. What would you do?
Asked by Anonymous at 2:23 PM on Mar. 27, 2009 in Money & Work
Answer by Anonymous at 2:38 PM on Mar. 27, 2009
Answer by AK_aries at 2:25 PM on Mar. 27, 2009
I am in a similar situation. We put 20% down on our house. We have made our mortgage payments on time, yet because of the housing market we now owe about $30K more than it is worth. It is also in a very bad neighborhood. Feel lucky that you have a father willing to do this for you. I wish I did. We are just stuck.
Before you file bankrupcy though, I might suggest calling up the bank and trying to work something out. If not, just say, "OK. The house is yours," and walk away.
Answer by Anonymous at 2:28 PM on Mar. 27, 2009
Answer by Anonymous at 2:30 PM on Mar. 27, 2009
Answer by Rebecca7708 at 2:33 PM on Mar. 27, 2009
Answer by Anonymous at 2:36 PM on Mar. 27, 2009
Answer by slw123 at 2:42 PM on Mar. 27, 2009
Answer by Anonymous at 2:49 PM on Mar. 27, 2009
Answer by HeartmomX2 at 2:50 PM on Mar. 27, 2009
Answer by southernstyle88 at 4:28 PM on Mar. 27, 2009
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