Help!! What way can we turn?

**Daydream Believer** · 12-14-2009, 05:28 PM

Long story made short:

Our income will be going from 6k+ per month down to about 1800. per month. DH is retired and unable to work much at all due to an old back injury. If I was able to find work (doubtful in this economy) I would make minimal wage because I do not have any schooling beyond high school. We also have a 3 year old daughter.

Our payments:

PITI Mortgage - $1649.
HELOC (interest only) - 75.
Loan #1 - 218.
Loan #2 - 347.
Sam's CC - 75.

Utilities - 250.
Heat - 300.
Phone & Interenet - 100.
Cell Phones (contract) - 100.
Dish Network (contract) - 60.
Car Insurance - 140.

And of course this does not include groceries, fuel, etc.

We would not benefit from trying to do a re-fi on the house because we have only paid 3 years on a 30 year mortgage. And we owe approx. 30-40k more than what the house is worth right now. Our vehicles are older and not worth very much at all.

The only option we can see right now is to let the house be foreclosed on. Then we would end up with our credit totally ruined and living in an apartment.

(I am double posting this - not sure which forum would be better)

Any suggestions would be greatly appreciated.......

**aprilrain1024** · 12-14-2009, 09:47 PM

This article and the related articles have alot of useful info. I hope this helps.

http://articles.moneycentral.msn.com...cs.aspx?page=1

**Preston** · 12-15-2009, 09:44 AM

Unfortunately, I see no good options in this one, but even if you are about to make minimum wage with full time hours you are talking an extra $1000 a month which could be a deal breaker.

You obviously cannot afford at $1650 payment on a $1800 income. You can try to sell the house, eat the difference, or try a short sale, but that house is going to break you.

Do you have savings? I am guessing not.

You may be stuck with a foreclosure.. I would not even worry about credit score at this point. Just learn to live on cash. Although it is a sad scenario.

Best of luck and I hope things turn around for you.

**jas** · 12-15-2009, 11:00 AM

I am guessing this retirement was unexpected right? Like the above posted said even a full time min wage job would help with daily expenses not that mortgage though.

Apartment living with a managable rent is better than a house payment filled with stress and misery.

Keep us posted.

**rosey7415** · 12-15-2009, 11:08 AM

believe it or not......there are many of us out here living on what you get now. lose the house. i am making it paying 600.00 on my mortage. my dh does have a part time job now. when he finally quits altogether we will take it out of our retirement to pay off our house. we only owe 17,000 though. so we can do that. our mortgage is so low it is like paying rent. what you pay.....oh my!! good luck to you and maybe someone here will have some better advice for you. i will pray for you.