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We currently have a $2400 mortgage payment with a conventional loan. We are finding it harder and harder to make this payment each month. There are rentals in our area for $1200-$1500 per month, so we are questioning whether we should walk away from our house and rent for 4-5 years and allow our house to go into foreclosure or try to negotiate a short-sell? Im concerned that if we wait for the short-sale (if our mortgage company agrees to that) that we won't be able to rent a house. If we allow it to go into foreclosure and have already moved, what are we responsible for paying?
I truly appreciate the help!!
Can't sell it?
We are just starting to speak to a Realtor, but the housing rates in our area have dropped, so I'm sure we won't be getting out of it any where near what we owe.
Did something change financially that you are no longer able to handle this loan?
Did the payment increase? Did someone lose their job?
We relocated to Colorado because of my husband's job and it took me 3 months to find a job. We went from a state with no state tax to a state with tax and our credit cards climbed. We are going through Consumer Credit Counseling for those debts and have been paying those on time for a year. My husband had a second job that brought in $500 - $700 extra a month, but that job has ended.