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I feel bad for you. You have a few options though. One,you can notify the lending institution to see if you can qualify to rework your mortgage. Maybe they will extend the number of years on your mortgage or cut down your principal amount. Who knows until you ask. Secondly you can sell the house under a short sale. If the lender agrees to a short sale they not only release you from all liability but also pay for the commission if you use a broker. You also might qualify for government funds for moving expenses. Thirdly, you can stay where you are and continue to struggle with the payments until your finances turn around. I hope this helped some and whatever you do I hope it turns out great for you and your family.Look at it as a learning experience and remember it's just a temporary setback. Good luck. Wayne Newcomb, Yankee Realty
What are your goals related to this issue?The two possiblities that jump to mind as the top two are:a. As your income is lower, you may be able to claim hardship and qualify for a short sale. Then, you can rent at a lower monthly cost (perhaps - depending on local market rates).b. You may be able to get a loan modification to have a lower interest rate or longer term of payment, hence lowering monthly payments. You can check to see if you are qualified on www.makinghomesaffordable.gov . Of course, being qualified and being approved by your lender are many steps apart.c. You can assess your income potential - and add a job to supplement current income. Or, perhaps you could rent out a room.
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