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Posts: 15
Registered: ‎02-29-2008
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SS, DIL, FC or BK?????????

My husband and I refinanced a year and a half ago with a 2 yr ARM with plans to refinance for a lower fixed rate in two years - after our credit improved, which it has and is now 690.  With the economy the way it is our house will not appraise for what we need it to and we can't sell it for what we owe.  Also with the cost of living going up and our income not keeping up, we are actually going in the hole every month $100's of dollars.  We haven't maxed out our credit but are heading that way.  We have talked with our mortgage co. about doing a short sale but we don't think the house is going to sell at all by looking at our competition. My question is... is a Short Sale, Deed In Lieu of FC, regular FC and a BK looked at the same in your CR?  If they are all basically the same, shouldn't we just go ahead and foreclose without wasting time trying to short sale and then ending up foreclosing anyway?  What is the process on FC?  Do we just stop making mortgage payments?  If we stop making payments we could actually get some smaller bills paid off before we foreclose.  BTW... our mortgage is $2117, our net income is $5213 and our total expenses including the mortgage is $5688.  I know... not good huh???  Also BTW... this isn't due to wasteful spending is due to years of bad luck with medical bills, a frivolous law suit, a couple of bad financial decisions like consolidating smaller bills in with our mortgage several years ago, having to short sale on that house and then make payments on the difference of $30,000 with a payment of $300 a month.  I just want to be albe to breath again and save for emergencies or even necessities which we can't even afford right now.  HELP!!!!  Advice please...
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