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It is wise to think, "ok, if I foreclose, it will go away soon & I can restore my credit, but if I fail to pay student loans, they will never go away!".
BUT, either way, you will need to pay for a place to stay if you foreclose your home, and you'll be in an even worse situation. Why is it that you won't refinance? Honestly, I don't like the idea of folks adding everything to the house, but, it seems like in your situation, to do the right thing for your credit, and quite frankly...our economy, to figure out the best way to pay. I'd probably refinance in your position, if at all possible. If you refinance, do NOT hold onto the money and go shopping, but, pay off the loans in full.
You can also get a roommate, and/or get some kind of side job. Sell extra stuff you don't need. Have equity in your vehicle? Dump it for a cash car and use that money to help out temporarily. But, keep your home, if nothing else...
Wow, what a tough hand you guys have to play! Do you think you could possibly go the roommate route? I know it'd probably be uncomfortable, but, you will need to do what you have to do to survive, eh? Also, if you rent the house out, do not forget you will still need to pay rent somewhere else...added to your bad situation.
Just keep your home and see what you can do. Call the student loan folks and let them know your situation. Assure them you want to pay, but simply cannot, and do not want to create a bad situation or go for BK right now. See if there is some the type of deferred payment option, or something.
@Anonymous wrote:
This is easy to answer, do the foreclosure. The reason is that student loans never can end. The Supreme Court allows collections to continue until death. They can tap your social security, pensions, 401k. Foreclosures do not. In fact, walk your house. It drops off your record in 7 to ten years. I hope that helps!
It is not necessary to accept your either or proposition. You may be able to have your student loan transfered to Direct Loans, as was suggested in one of the prior posts. As for your mortage I suggest you look into the new FHA program, effective Oct.1, Hope for Homeowners. Here is the web site link:
http://www.hopeforhomeownersprogram.org/
I hope this is benefical. Best of luck to you.
Ubercoach
These again are PRIVATE Sallie Mae loans, can I transfer Private to Direct Loans ?? I absolutly will if I can!! I'll get right on it , but when I went to their site, it says FEderal loans can be transfered and consolidated, nothing about Private Loans -I hope your correct, I'll be all over that if I can, but it doesnt look like it to me. I also went to the other site hopeforhomeowners.org, and all get there is an add for hosting websites. Thanks spooky