Join the Meeting Place for Moms!
Talk to other moms, share advice, and have fun!

(minimum 6 characters)

Looking for a little reassurance....

Ok moms, so this is the first time in my life I haven't been able to pay the bills. It's our own fault, we bought a vehicle we DESPERATELY needed, payed cash for it out of our savings because we didn't want a car payment (and had to take a chunk out of our main checking account, too). We are in the process of short-selling our home because we're being transferred and taking a pay-cut, which is ok with me, I'm sick of the mortgage. I know I have to be 30 days behind on mortgage anyway to qualify for a short-sale, so I guess this is the time. It just feels weird and makes me nervous. I don't care about my credit, everyone's credit is trashed these days.

I just don't feel like I can confide in my friends right now 'cause I don't really want anyone to feel burdened about it, but I needed to vent a little and hoped someone out there could just give a little reassurance! Thanks!


Asked by Anonymous at 12:56 AM on Jan. 18, 2011 in Money & Work

This question is closed.
Answers (11)
  • I just skimmed the replies so hopefully I'm not repeating anything.
    A short sale will hurt your credit but now as bad as a foreclosure. Stay in your home as long as you can. In a lot of states you'll have six months at least before you need to move. Save up some money for a deposit on an apartment. The previous poster is right you might find it harder to find a place to rent- but a lot of landlords are used to seeing people fresh out of a short sale. Look for privately owned buildings, they'll be more likely to work with you.

    Make sure you get a short sale WITHOUT recourse otherwise they'll be able to come after you for the difference.

    I'm so sorry you are going through this. *Hugs*

    Answer by Erica_Smerica at 6:14 PM on Jan. 18, 2011

  • When I'm terribly upset by something, no matter what it is, my husband invariably tells me "it's alright." Most of the time it drives me insane. But after the dust has settled, and I have the opportunity to let things play out (sometimes I don't have a choice), he's usually right-- it's alright.

    I'm sorry you're put in the position that you're in. However, take heart that what you're giving up is material. Those things can be replaced, and they're not all that important anyway.

    However, I want to caution you to make sure that you have taken every consequence into consideration. It's not just your credit that may be affected.

    Good luck to you!


    Answer by Busimommi at 1:09 AM on Jan. 18, 2011

  • I don't have any advice but wanted to say good luck.

    Answer by Collegemommy910 at 8:32 AM on Jan. 18, 2011

  • I just want to give you a little info on short sales because i think that you should have all the info before you decide something like that... Short sales hurt your credit WAY worse than people think...It is hard to get a RENTAL if you have a short sale on your record and also you will get a 1099 at the end of the year for everything that the bank has to write off which means it could screw you up for next year when you do your taxes because you have to pay taxes on everything that they write off....All of that being said as long as you do what you need to do for your family I am sure everything will work out for the best!


    Answer by momofone072506 at 1:19 AM on Jan. 18, 2011

  • Thanks for the reassurance. LOL! No, really, it's good to know everything. We will be consulting a tax person regarding whether or not we'll have to pay taxes on the difference. Our house will probably sell for 20K less than what we owe, so it's not a massive amount. DH is being sent to school for his masters, and with a baby on the way, I want to resettle as soon as possible. So the short-sale is non-negotiable for us. Even if we foreclose, so be it. We'll probably be in student housing, so renting isn't going to be too big of a deal.

    What other implications might there be?

    Comment by Anonymous (original poster) at 1:29 AM on Jan. 18, 2011

  • Weird, according to my "activity" thingy, you posted four answers, momofone! Funny!

    Comment by Anonymous (original poster) at 1:30 AM on Jan. 18, 2011

  • the only other thing would be that you probably wouldn't be able to get another home loan for at least 7 years...and i am sorry if i sounded rude i just think its best to know all the info before making a huge decision! Also i want you to know i totally understand you have to do what is best for your family and they way i look at it is that things will be fine as long your are together!!!


    Answer by momofone072506 at 1:32 AM on Jan. 18, 2011

  • Weird, according to my "activity" thingy, you posted four answers, momofone! Funny!

    yeah you can't edit and i kept notice spelling mistakes lol!!


    Answer by momofone072506 at 1:33 AM on Jan. 18, 2011

  • I don't have any advice for you, I just wanted to say sorry to hear about the tough situation you're in. Many people are in your same situation. Looks like you're handling it fairly well, which is great considering you're expecting. Know that things happen for a reason, and that God has a plan for everyone.

    Best Wishes!

    Answer by mommy2joeynabby at 1:47 AM on Jan. 18, 2011

  • good luck


    Answer by HotMama330 at 11:47 AM on Jan. 18, 2011