“Please believe me when I tell you that I am now very aware of what you refer to as exotic loans. Please understand that I do know the mistakes I made that got me to this point. Please also understand that there are countless people that do not understand real estate as you do. I thank you for reading my request for help.”
Needhelp, I just want to extend my sincere sympathies to you for your plight. It is unfortunate that folks liek you who come to boards such as this, looking for advice and guidance, are persecuted for decisions you have made. While I think you, I and everyone else on this board would agree that your choices were foolhardy, it doesn’t sound like you were a speculator. Rather, I get the sense that you, like millions of other Americans who increasingly feel shut out of the American Dream, simply wanted a bite of the carrot that is dangled before all of us. I’m really sorry that you and your family are experiencing this misfortune right now.
That said, I agree with the majority advice here: it is imperative that you do a short sale, and if you can’t find a loss mitigator or other third party to make that happen, try it yourself. If that doesn’t work, pack your stuff and leave. Your credit score is going to tank more than it alreayd has, but it sounds like you and your family are very close. Hopefully, one of you will keep a decent score that will enable you to pool your money when the time is right and start over again.
Lastly, and this is extremely important: rent as cheaply as you can from here on and save EVERY penny you can find. There is a hard wind coming, and I can’t stress how important it will be to remain liquid. This time next year, housing woes will be the least of your worries.
