I am 71 years and under water with my home a bunch, Just had a heart attack and cannot work. I have enough savings and Social Security to keep my house going for about 3 more years and then I will be tapped out. Bank will not restructure. I’ve got my mortgage interest down to 4%. I am so tempted to walk away from this home. My credit cards (I owe 2 grand) are all current and I have no outstanding bills. If I walk away on my home, what happens to the rest of my good credit? Who is going to bail me out? I am just sick to my stomach I could puke.

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I do not have the wise years that you have obtained. However I unfortunately had to walk away from a home that I owned in FL. I was “lucky” enough to have been with Countrywide in 2008…Oh yeah I am “one of those people” There are a lot of us then most are willing to admit. I wrote a letter to CW telling them I couldn’t afford the payments any longer and wanted to see if we could restructure. I kept all copies and sent it certified to know it went through. It took a lot of work and some help from an attorney but I was able to avoid foreclosure and settle through a short sale. It was stressful and scary. I can empathize with you there. I had a 800 credit score. It’s been about 4 years now, my credit is better, not the same level it once was but I can still get a line of credit for a reasonable rate. I think you should figure out if renting would be cheaper than your mortgage? If so then let it go, you can’t take it with you. And if it’s not then stay put. Ask friends or relatives to help, or even see about getting a room mate (Do a background check etc) As for the cc, what is your total credit line. I have been told the best way to keep your credit up is to carry a 15% or less balance of the total credit line. For example, if I have a credit limit of $1000, then I should carry no more than $150. If it’s over that you run the chance of paying more in interest and it can effect your credit negatively. Closing a cc account will also affect your credit negatively….Odd I know. Anyway, if you have a high interest rate check to see if you have any 0% interest or lower interest offers than what you currently carry. If so pay the 3% balance transfer fee and start paying stuff down. The average American carries more than $10,000 in cc debt- you are actually at a really good point in that retrospect. I hope this helps! Good luck

*If you have a question or would like to submit a topic please email me at honestgoodadvice@gmail.com

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