Credit Cards Center Credit cards from our partners
Reply
Highlighted
Valued Member
Posts: 32
Registered: ‎04-17-2007
0

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.
 
Desperate


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

Message Edited by songman50 on 05-12-2008 02:37 PM
New Contributor
Posts: 63
Registered: ‎04-15-2008
0

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?
4/20/08 Ex 670 TU 655 EQ 668

6/5/08 Ex 726 TU 717 EQ 705
Frequent Contributor
Posts: 489
Registered: ‎05-23-2007
0

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.
Moderator Emeritus
Posts: 5,267
Registered: ‎03-18-2008
0

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.
Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
† Credit cards for FICO Score ranges: The score ranges are guidelines based on actual applicant approvals and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.