worst foreclosure cities
What are my options for getting out of my house… I’m underwater…?
We bought a house 5 years ago in a city with a bad school system… The plan was to do some work to it and sell it before we had kids ready to go to school. I now have 2 children, 1 income (instead of 2), and that 1 income has decreased because of a decrease in work (because of the economy). I can no longer afford my mortgage payments – we’re about $1000 short a month on our budget – and I have to get out of this house within 2 years anyway so my children can go to decent schools. We owe almost $200,000 and comparable houses in the area are going for $150,000 or less. I’ve read about short sale, but it seems like a major hassle that will have the same effect on my credit as foreclosure. We are considering just stopping payments until they foreclose on us. Is there a better option? Also, when will I be able to buy another home? We obviously won’t be able to afford it anytime soon, but I’m thinking of the future.
Go to this website: http://www.hud.gov/offices/hsg/sfh/hcc/fc/. It’s the HUD website. They help with this kind of stuff. Select your state and contact one of the counselors. There have been things passed in congress recently that address this issue. This is happening to A LOT of people so know you’re not alone. But don’t just accept foreclosure. Find out your options with federal assistance.
