I own a mortgage and a equity loan on my condo .. I owe more than it is currently worth .. should I forclose?
A friend tells me to just foreclose ... but I want to hang on to a roof over my head ... All my earnings are going into the home, in attendance is no savings and I just lost my commission!
Answers:
No.
Foreclosure does not get you out from underneath. Whatever the condo sells for you will still owe the difference. Getting a job plus a portion time job and paying down your mortgages is the best solution. You might consider a room mate to help beside the bills till you are on your feet again.
If you live there, you should stay if at all possible. Values will move about up eventually, and why should you give up the money you have invested already? You would enjoy to pay rent somewhere, right?
Is there any method you could get a family extremity or friend to move in with you to sustain pay expenses?
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Answers:
No.
Foreclosure does not get you out from underneath. Whatever the condo sells for you will still owe the difference. Getting a job plus a portion time job and paying down your mortgages is the best solution. You might consider a room mate to help beside the bills till you are on your feet again.
If you live there, you should stay if at all possible. Values will move about up eventually, and why should you give up the money you have invested already? You would enjoy to pay rent somewhere, right?
Is there any method you could get a family extremity or friend to move in with you to sustain pay expenses?
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