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Posts: 32
Registered: ‎04-17-2007
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Should I just give the house back to the bank since I can't afford it?

[ Edited ]
I lost my job this  week for the 2nd time with the same Co. in 4 months and can't expect ever going back. Since I can't sell my house for what I owe, should I just save the money I would be making on the payments (1st & 2nd that total $1700./mth) to apply towards a 1st,last & security deposit on either a rental or a lease to own house, and let the bank have to house?  With my unemployment of $439/wk and my wife income of $$1500/month take home, we need to find lower housing payments.  Any suggestions are appreiciated.

Message Edited by songman50 on 05-12-2008 02:31 PM

Message Edited by songman50 on 05-12-2008 02:37 PM
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Posts: 63
Registered: ‎04-15-2008
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Re: Should I just give the house back to the bank since I can't afford it?

what about finding a different job with a different company?
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Posts: 491
Registered: ‎05-23-2007
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Re: Should I just give the house back to the bank since I can't afford it?

You you have any mortgage protection insurance that can be used to pay the mortgage until you find another job?? How about on any credit cards or auto loans?? A short sale or forclosure seems like a drastic step, especially if you can find a new job in the next 30-60 days.
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Posts: 5,279
Registered: ‎03-18-2008
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Re: Should I just give the house back to the bank since I can't afford it?

Talk to your lenders and explain your situation, and see if the terms of your loan can be renegotiated, especially if your interest rates are higher than what's offered now. Without a job, however, it might be hard, so you should try to work on that as well.

There's a lot of programs to assist borrowers in tough situations. You might qualify for FHASecure, as long as you don't have any delinquent payments. HopeNow can also provide you with some information, as well as other counseling programs. I saw an article in our local paper this past weekend that had this and other information; I'll see if I can find it to provide you with other resources.

The thing most important is to act quickly, before you miss any payments or sink deeper in debt. Work with your lender, and update your resume.

Good luck.

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