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.......
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.......