Should I stay or should I go?

[DJNinSD]

Yes, the losses are very daunting! That’s why I’m thinking I need to do something rather than continue on which is only going to result in more losses!

I am 53.

So, it is better to stop making the mortgage payments and live rent-free for a few months until they throw me out? Or should I contact the lender and try to do a short sale?

[DJNinSD]

I needed to stay in the house while my daughter finished high school, but she has finished so there is no longer a need to stay. I could stay…or go.

I’m not sure of the full amount of the PITI, I only am able to pay the interest only payment (which is the $3600/mo). That comes to about 45% of my gross income. And…I’m not driving a brand new BMW or anything! I’m a single mom and have never gotten one dime of child support. I’m trying to pay for her to be in college now.

I believe the rent for a 3 bedroom house in my area is around $2,200 – $2,400/mo.

[DJNinSD]

I needed to stay in the house while my daughter finished high school, but she has finished so there is no longer a need to stay. I could stay…or go.

I’m not sure of the full amount of the PITI, I only am able to pay the interest only payment (which is the $3600/mo). That comes to about 45% of my gross income. And…I’m not driving a brand new BMW or anything! I’m a single mom and have never gotten one dime of child support. I’m trying to pay for her to be in college now.

I believe the rent for a 3 bedroom house in my area is around $2,200 – $2,400/mo.

[DJNinSD]

I needed to stay in the house while my daughter finished high school, but she has finished so there is no longer a need to stay. I could stay…or go.

I’m not sure of the full amount of the PITI, I only am able to pay the interest only payment (which is the $3600/mo). That comes to about 45% of my gross income. And…I’m not driving a brand new BMW or anything! I’m a single mom and have never gotten one dime of child support. I’m trying to pay for her to be in college now.

I believe the rent for a 3 bedroom house in my area is around $2,200 – $2,400/mo.

[DJNinSD]

I needed to stay in the house while my daughter finished high school, but she has finished so there is no longer a need to stay. I could stay…or go.

I’m not sure of the full amount of the PITI, I only am able to pay the interest only payment (which is the $3600/mo). That comes to about 45% of my gross income. And…I’m not driving a brand new BMW or anything! I’m a single mom and have never gotten one dime of child support. I’m trying to pay for her to be in college now.

I believe the rent for a 3 bedroom house in my area is around $2,200 – $2,400/mo.

[DJNinSD]

I needed to stay in the house while my daughter finished high school, but she has finished so there is no longer a need to stay. I could stay…or go.

I’m not sure of the full amount of the PITI, I only am able to pay the interest only payment (which is the $3600/mo). That comes to about 45% of my gross income. And…I’m not driving a brand new BMW or anything! I’m a single mom and have never gotten one dime of child support. I’m trying to pay for her to be in college now.

I believe the rent for a 3 bedroom house in my area is around $2,200 – $2,400/mo.

[gn]

DJNinSD,

If you have been paying only the interest part of your loan, it sounds like you won’t be able to afford the mortgage once it resets.

You can certainly try to negotiate a short sale with the lender to “soften the blow” on your credit. However, beware of one potential problem:

Short sales can take a long time. During this time, you’ll continue to “throw good money after bad money”. It’s quite possible that you’ll end up walking anyway because of the frustrations while negotiating with the lender.

You can try the following tactic:

Contact the lender about a short sale & immediately stop making payments (to inject some urgency into the lender’s actions). Of course, if you do this, you’ll have to be prepared to actually go through with the foreclosure if the lender doesn’t agree to a short sale.

[gn]

DJNinSD,

If you have been paying only the interest part of your loan, it sounds like you won’t be able to afford the mortgage once it resets.

You can certainly try to negotiate a short sale with the lender to “soften the blow” on your credit. However, beware of one potential problem:

Short sales can take a long time. During this time, you’ll continue to “throw good money after bad money”. It’s quite possible that you’ll end up walking anyway because of the frustrations while negotiating with the lender.

You can try the following tactic:

Contact the lender about a short sale & immediately stop making payments (to inject some urgency into the lender’s actions). Of course, if you do this, you’ll have to be prepared to actually go through with the foreclosure if the lender doesn’t agree to a short sale.

[gn]

DJNinSD,

If you have been paying only the interest part of your loan, it sounds like you won’t be able to afford the mortgage once it resets.

You can certainly try to negotiate a short sale with the lender to “soften the blow” on your credit. However, beware of one potential problem:

Short sales can take a long time. During this time, you’ll continue to “throw good money after bad money”. It’s quite possible that you’ll end up walking anyway because of the frustrations while negotiating with the lender.

You can try the following tactic:

Contact the lender about a short sale & immediately stop making payments (to inject some urgency into the lender’s actions). Of course, if you do this, you’ll have to be prepared to actually go through with the foreclosure if the lender doesn’t agree to a short sale.

[gn]

DJNinSD,

If you have been paying only the interest part of your loan, it sounds like you won’t be able to afford the mortgage once it resets.

You can certainly try to negotiate a short sale with the lender to “soften the blow” on your credit. However, beware of one potential problem:

Short sales can take a long time. During this time, you’ll continue to “throw good money after bad money”. It’s quite possible that you’ll end up walking anyway because of the frustrations while negotiating with the lender.

You can try the following tactic:

Contact the lender about a short sale & immediately stop making payments (to inject some urgency into the lender’s actions). Of course, if you do this, you’ll have to be prepared to actually go through with the foreclosure if the lender doesn’t agree to a short sale.

[gn]

DJNinSD,

If you have been paying only the interest part of your loan, it sounds like you won’t be able to afford the mortgage once it resets.

You can certainly try to negotiate a short sale with the lender to “soften the blow” on your credit. However, beware of one potential problem:

Short sales can take a long time. During this time, you’ll continue to “throw good money after bad money”. It’s quite possible that you’ll end up walking anyway because of the frustrations while negotiating with the lender.

You can try the following tactic:

Contact the lender about a short sale & immediately stop making payments (to inject some urgency into the lender’s actions). Of course, if you do this, you’ll have to be prepared to actually go through with the foreclosure if the lender doesn’t agree to a short sale.

[DJNinSD]

Thanks, GN, for the advice. It is very scary to me to go forward with something like this as I have always paid all my bills on time.

[DJNinSD]

Thanks, GN, for the advice. It is very scary to me to go forward with something like this as I have always paid all my bills on time.

[DJNinSD]

Thanks, GN, for the advice. It is very scary to me to go forward with something like this as I have always paid all my bills on time.

[DJNinSD]

Thanks, GN, for the advice. It is very scary to me to go forward with something like this as I have always paid all my bills on time.

[Author]

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