DJNinSD, don’t listen to the moralists on this board. Some people fixate on small injustices, “it’s not right” type issues that they don’t look at the big picture.
Life is not fair. It is fair that the Wall Streeters got to walk away with billions in bonuses for creating vapor-wealth? I don’t see them giving their money back. What is the government doing about his monumental injustice? Why would a single mom paying her last penny to the bank be the responsible thing to do?
You came here for advice on what is best for YOU. And that’s what I’m giving you.
Look, you’re 53 and you have nothing! If you keep on making interest-only payments on this house, you might be able to sell it in 10 years at the same price you purchased it. And you still will have nothing!!
By that time, you’ll be near retirement age with NOTHING.
If you rent and save all the owernership premiums for the next 10 years you’ll have SOMETHING.
What you need immediately is cash conservation. Save and invest your cash for when you’re old with declining income.
Don’t waste your time talking to the lender because as far as they are concerned you can “afford” the payments. What can they do for you?
Don’t walk, run as fast as you can!!
I’m not recommeding this attorney (I don’t know him). But he’s got some interesting info on his blog. Get the most information that you can then do what’s right for your family.
