I am in quite a pickle and would love some of you credit experts to give me some advice on a good plan of action.
I have a $145,XXX fixed FHA mortgage @ 6.5% for 30 yrs. I am in yr #4 currently. This mortgage is on a mobile home and 1 acre of land. I wouldn't have purchased it knowing now what I didn't then....first thing being how QUICK it depreciated!
Second, what used to be a quiet country mobile home community with all owners having a 1 acre lots and deed restrictions on cars, animals, etc has now had the deed restrictions that were in place expire w/o the homeowners renewing them (so guess what THAT means ) along with the county deciding that about 300 yards from my house is a GREAT place for a major thoroughfare that will be used by commuters and big rigs to avoid going through the town to get to the interstate. I was never given any disclosure about that prior to closing and although the construction had not begun at that time, you know someone knew it was going to happen. This has caused my tax appraisal to drop the value of BOTH my land and home this yr. Now I know you can't go by the tax appraiser's value wholeheartedly, but this year my appraisal has the combined value @ $70,000!!
That's HALF of what I owe on it, so I think its safe to say if I tried to sell tomorrow....I'd NEVER get anywhere near the loan.
So now for my personal info/background to help analyze my situation fully......
Single wage earner family (husband filed for disability...Loooong process)
3 kids, 2 cars (both with notes that are also upside down)
total income gross - $75,000
CC debt - $10,000 (with no real available credit left)
and no real $$ on hand to speak of (paycheck to paycheck, basically)
Post Ch 7 BK - 7yrs
current credit score - was 619 on here when I checked 2 months ago, know that Exp has ALL my baddies on it so it's prob in the mid 500's.
I can afford the payments on the loan and have always been current, but feel that I'm throwing good $$ after bad seeing that I will NEVER get out of this house with a profit or break even. So have considered walking away from it cause I don't know what other options I have.
Sorry this was long, just wanted to give enough info hopefully for people to get a picture and be able to advise.
Thanks!
