For those in some other category, choose other in the poll. It's what I did.
Not in trouble, and I can afford my mortgage. We're upside down on a zero down, interest only, but we can still afford it. We got the house for about 9% below what comparables were selling for. However, since the value of everything has declined so much, now we're upside down a bit.
Our reset, which I believe was 6 or 8 years out, raises our total PITA monthly payment only about $100--less than a 5% increase over the total payment. I know because I read the TILA payment schedule at closing. I'm not worried about making the payment, unless I lost my job.
If I lost my job, all bets are off in this economy. Look for work, take a lower paying job and a second job, take a lower paying job and go late a few months and apply for a mortgage adjustment, short sale, try to rent it out, et al. All depends. If all else fails, there's jingle mail, but I'd try to negotiate some less adverse reported on my CRs.
If it happened, I wouldn't take options off the table. Had creditors calling me in the past. Now I'm just better armed with knowledge gained, umm, er, out there in the Wild Wild West of the World Wide Web on evil credit repair forums. Increasingly, CAs seem dumber and more willing to commit overt violations of the FDCPA. I know because I get calls on my answering machine from CAs who have the wrong number looking for people who don't live with me and I don't know. I guess I really should stop writing my home number on bathroom walls.
Starting Score: 07/2011 TU 732 EQ 717 EX 702
