panerd
07-05-2014, 02:19 PM
So a little background info... (because I think it does spell out our situation)
When my wife and I first met we both were homeowners, had been convinced that owning your own home is the way to go. I bought my house back in early 2000 and if you were to pull up a graph of the real estate boom/bust her purchase would be right at the tip of the highest point. Needless to say she is super upside down. Being people who have integrity we have tried every option...
1) Living with both mortgages and dual incomes while dating and first married.
2) Tried to sell her house. Put about 2K into repairs and updates and ate about 5 months mortgage trying to sell house at as high as a 40% discount.
3) Tried to work with her bank to combine loans, work out a deal. They didn't seem to care.
4) Have rented it to two groups of people who have soured us on renting. One is the subject of another thread on here about a "lawsuit" over the security deposit and the current ones are now a month and a half behind on rent. (And ate about 4 months of mortgages in between renters)
Anyways we have twins due in December and she will not be going back to work so we are down to my income which will not cover both mortgages. So we wanted to look into a short sale and if that didn't work walking away. We can take the credit hit on her since she won't be working anyways but I hope I am correct that since it isn't my house it won't effect me. We also bought a car together so I didn't know if it would effect that or not.
Anyone fill me in on what we have in store for us? Phone calls? Letters? How much $$$? Anyone have any other suggestions?
PS: I am certainly planning on talking to a lawyer, real estate agent, and bank about this but feel like all three pieces of advice will certainly be slanted towards their own interests. I feel like this board always has a broad range of opinions, experiences, and jobs where I can get a better idea of what is going to happen.
When my wife and I first met we both were homeowners, had been convinced that owning your own home is the way to go. I bought my house back in early 2000 and if you were to pull up a graph of the real estate boom/bust her purchase would be right at the tip of the highest point. Needless to say she is super upside down. Being people who have integrity we have tried every option...
1) Living with both mortgages and dual incomes while dating and first married.
2) Tried to sell her house. Put about 2K into repairs and updates and ate about 5 months mortgage trying to sell house at as high as a 40% discount.
3) Tried to work with her bank to combine loans, work out a deal. They didn't seem to care.
4) Have rented it to two groups of people who have soured us on renting. One is the subject of another thread on here about a "lawsuit" over the security deposit and the current ones are now a month and a half behind on rent. (And ate about 4 months of mortgages in between renters)
Anyways we have twins due in December and she will not be going back to work so we are down to my income which will not cover both mortgages. So we wanted to look into a short sale and if that didn't work walking away. We can take the credit hit on her since she won't be working anyways but I hope I am correct that since it isn't my house it won't effect me. We also bought a car together so I didn't know if it would effect that or not.
Anyone fill me in on what we have in store for us? Phone calls? Letters? How much $$$? Anyone have any other suggestions?
PS: I am certainly planning on talking to a lawyer, real estate agent, and bank about this but feel like all three pieces of advice will certainly be slanted towards their own interests. I feel like this board always has a broad range of opinions, experiences, and jobs where I can get a better idea of what is going to happen.