Should I stay or should I go?

[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.

[lindismith]

What had you planned to do when the payment increased? I mean, you had a plan, right?

[lindismith]

What had you planned to do when the payment increased? I mean, you had a plan, right?

[lindismith]

What had you planned to do when the payment increased? I mean, you had a plan, right?

[lindismith]

What had you planned to do when the payment increased? I mean, you had a plan, right?

[lindismith]

What had you planned to do when the payment increased? I mean, you had a plan, right?

[vagabondo]

given your payment to your gross income, you were in over your head from the beginning. for me, this is an integrity gut check. clearly you need to get out from under this burden. to walk away is a last resort imho.

i would instead try and work a short sale, if possible. but in any case, i do not think it is fair to stop making payments and continue to live in the house until you are “forced” out. however ill advised, the bank lent you the funds to purchase the home and you agreed to accept their terms. if you are able to make those payments, you should.

i am not of the opinion that lenders will give those with foreclosure hits on their credit report a pass moving forward. risk is risk.

[vagabondo]

given your payment to your gross income, you were in over your head from the beginning. for me, this is an integrity gut check. clearly you need to get out from under this burden. to walk away is a last resort imho.

i would instead try and work a short sale, if possible. but in any case, i do not think it is fair to stop making payments and continue to live in the house until you are “forced” out. however ill advised, the bank lent you the funds to purchase the home and you agreed to accept their terms. if you are able to make those payments, you should.

i am not of the opinion that lenders will give those with foreclosure hits on their credit report a pass moving forward. risk is risk.

[vagabondo]

given your payment to your gross income, you were in over your head from the beginning. for me, this is an integrity gut check. clearly you need to get out from under this burden. to walk away is a last resort imho.

i would instead try and work a short sale, if possible. but in any case, i do not think it is fair to stop making payments and continue to live in the house until you are “forced” out. however ill advised, the bank lent you the funds to purchase the home and you agreed to accept their terms. if you are able to make those payments, you should.

i am not of the opinion that lenders will give those with foreclosure hits on their credit report a pass moving forward. risk is risk.

[vagabondo]

given your payment to your gross income, you were in over your head from the beginning. for me, this is an integrity gut check. clearly you need to get out from under this burden. to walk away is a last resort imho.

i would instead try and work a short sale, if possible. but in any case, i do not think it is fair to stop making payments and continue to live in the house until you are “forced” out. however ill advised, the bank lent you the funds to purchase the home and you agreed to accept their terms. if you are able to make those payments, you should.

i am not of the opinion that lenders will give those with foreclosure hits on their credit report a pass moving forward. risk is risk.

[vagabondo]

given your payment to your gross income, you were in over your head from the beginning. for me, this is an integrity gut check. clearly you need to get out from under this burden. to walk away is a last resort imho.

i would instead try and work a short sale, if possible. but in any case, i do not think it is fair to stop making payments and continue to live in the house until you are “forced” out. however ill advised, the bank lent you the funds to purchase the home and you agreed to accept their terms. if you are able to make those payments, you should.

i am not of the opinion that lenders will give those with foreclosure hits on their credit report a pass moving forward. risk is risk.

[DJNinSD]

My plan was to only stay in the house for the 2 years until my daughter had graduated, and then I was going to sell it and move. My plan didn’t include having the market price dip below what I had paid. Now that that has happened, I’m not able to continue on with my plan.

And, vagabondo, I do agree with you. It would feel, to me, like stealing if I were to stop making the payments completely. I did enter into an agreement with the lender and I should continue to meet that agreement.

[DJNinSD]

My plan was to only stay in the house for the 2 years until my daughter had graduated, and then I was going to sell it and move. My plan didn’t include having the market price dip below what I had paid. Now that that has happened, I’m not able to continue on with my plan.

And, vagabondo, I do agree with you. It would feel, to me, like stealing if I were to stop making the payments completely. I did enter into an agreement with the lender and I should continue to meet that agreement.

[DJNinSD]

My plan was to only stay in the house for the 2 years until my daughter had graduated, and then I was going to sell it and move. My plan didn’t include having the market price dip below what I had paid. Now that that has happened, I’m not able to continue on with my plan.

And, vagabondo, I do agree with you. It would feel, to me, like stealing if I were to stop making the payments completely. I did enter into an agreement with the lender and I should continue to meet that agreement.

[DJNinSD]

My plan was to only stay in the house for the 2 years until my daughter had graduated, and then I was going to sell it and move. My plan didn’t include having the market price dip below what I had paid. Now that that has happened, I’m not able to continue on with my plan.

And, vagabondo, I do agree with you. It would feel, to me, like stealing if I were to stop making the payments completely. I did enter into an agreement with the lender and I should continue to meet that agreement.

[Author]

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