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How to cope with financial hardship.

My DH and I are trying desperately to sell our home. He recently got out of the Army and I am a SAHM to a 6 month old. We're living with my parents as our house is shown to sell. We've run out of savings and the house has been on the market 3 months with hardly a bite. How does one successfully handle the stress without losing faith, hope and sanity?

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JoyfulSurprise

Asked by JoyfulSurprise at 12:50 AM on Aug. 11, 2010 in Money & Work

Level 4 (28 Credits)
Answers (9)
  • A lot of vodka!

    I am kidding. Just realize it's a temporary situation. Granted it might take several months for everything to fall into place, that amount of time is actually very small when you compare it to the rest of your life. PLUS you have a brand new baby! Momma, I would take all of your unhappiness and put magic into all of your lives through her. Whenever I look at my little girl I instantly become happy. Whether it's taking pictures of her and creating something, or just spending time with her I make my day great through my love for her.
    Glamourina

    Answer by Glamourina at 12:52 AM on Aug. 11, 2010

  • Once someone is interested in your house it could take months for the deal to go through. You might want to come up with other plans. Could you rent out your house?

    Gailll

    Answer by Gailll at 12:55 AM on Aug. 11, 2010

  • I can't sell my house either and I had to move to a diff state for job. I rented it out.
    icanbeabitch

    Answer by icanbeabitch at 12:57 AM on Aug. 11, 2010

  • @Gailll no there is no way we could rent out the house. When compared to the other rental properties in the area there is no way we could sustain the mortgage with what we could get from rent. Selling - or foreclosing - are our only options.
    JoyfulSurprise

    Comment by JoyfulSurprise (original poster) at 12:58 AM on Aug. 11, 2010

  • if you want to foreclose, just stop paying mortgage. Nowadays the bank will let you keep the house up to one year after stoping the payments. They don't want your house either. I have a friend in Detroit, she stopped paying 13 months ago and still lives in the house and saved all that money. Another friend in SAN antonio TX, stopped paying 5 months ago and the bank just sent a warning letter, that's it,
    icanbeabitch

    Answer by icanbeabitch at 1:23 AM on Aug. 11, 2010

  • Selling, foreclosure, and a short sale are your only options. A short sale without recourse is where you sell your home for less than is owed and the bank forgives the difference. It's just to the side of a foreclosure it will damage your credit- though not as much as a foreclosure. The bank will accept this because foreclosing is expensive, and the tenants have a lot of rights and it can take months to evict them in most states.

    As far as emotionally handling it I'm not really sure. I guess just think of worse case situations. You lose your home which sucks, but there is also a house on every corner. You'll get another one. You've already lost your savings. They can't take money from you that you don't have. Anyway keep counting the good things- you've got family that loves you and a place to live. I know it's hard, but at least there are some positives!

    I hope things get better for you soon!
    Erica_Smerica

    Answer by Erica_Smerica at 1:38 AM on Aug. 11, 2010

  • You might want to talk to your bank and see what options are available to you. You say you can't get what you'd need to cover the mortgage from rent, but at least the rent would cover a good portion of the mortgage, lowering your costs. Another option you have besides selling and foreclosure is to have the house auctioned off. You may or may not get as much money out of it as you would if you sold it, but unlike foreclosure, your credit will still be intact. Don't forget foreclosure stays on your credit report for a long time and it would take a long time to build your score back up.
    HotMama330

    Answer by HotMama330 at 10:56 AM on Aug. 11, 2010

  • Talk to your realtor and make sure the house is priced correctly. Often a reduction is done after a few months. GL
    elizabr

    Answer by elizabr at 4:23 PM on Aug. 11, 2010

  • what about living in the house with a boarder?
    rkoloms

    Answer by rkoloms at 8:38 PM on Aug. 11, 2010

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