Loans, Debt & Credit - View Single Post

StPeteFL · 02-24-2009, 07:04 PM

I am in St. Petersburg, Fl - Deficiency Judgments Allowed
I have an 80/20 3/1 ARM loan: 80 Countrywide ($167k) and 20 Etrade ($93k). It started adjusting in November.
My house is currently Zillowed at about $140-150k. We did much improvements to this home since we owned it though.
I have never been late, been on autopay for over 3yrs (since bought house).
I have had great credit since I was 18 years old (30's now), not one bad mark on my credit.
My wife recently moved out (getting divorce), so I no longer have that income to help with payments. This is a 4/3/1 home with only lil ole me living in it.

I just want out!

I can make the payments, but just barely. I won't have any extra money nor be able to save anything if I keep paying, no money for emergencies. I am worried about losing my job due to the economy and working for a small company.

When I bought this house I figured at worst I could refinance to a fixed loan or sell it for a profit since I bought it at a great price (at the time) and did lots of work to it. But now instead I am backed in a corner with CW telling me they won't just consolidate and fix, can't refinance because under water, and can't sell because of market and again I'm upside-down.

I don't care about my credit anymore, I just need to get on with my life. So what should I do? Do I purposely stop payingand hope to short sale? Let it foreclose and hope they don't come after me for the rest (and garnish my wages)?

I would consider keeping it if the payments were lowered considerably and the principle was lowered.

And before anyone judges me, I feel like the only reason I am stuck in this situation is because of the shady/geedy lenders and government people involved, and all the other people who over-bought and stopped paying.

Any help would be most appreciated.

02-24-2009, 07:04 PM	#1 (permalink)
StPeteFL Member Join Date: Feb 2009 Posts: 12 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	CW 80/20, never been late, need help I am in St. Petersburg, Fl - Deficiency Judgments Allowed I have an 80/20 3/1 ARM loan: 80 Countrywide ($167k) and 20 Etrade ($93k). It started adjusting in November. My house is currently Zillowed at about $140-150k. We did much improvements to this home since we owned it though. I have never been late, been on autopay for over 3yrs (since bought house). I have had great credit since I was 18 years old (30's now), not one bad mark on my credit. My wife recently moved out (getting divorce), so I no longer have that income to help with payments. This is a 4/3/1 home with only lil ole me living in it. I just want out! I can make the payments, but just barely. I won't have any extra money nor be able to save anything if I keep paying, no money for emergencies. I am worried about losing my job due to the economy and working for a small company. When I bought this house I figured at worst I could refinance to a fixed loan or sell it for a profit since I bought it at a great price (at the time) and did lots of work to it. But now instead I am backed in a corner with CW telling me they won't just consolidate and fix, can't refinance because under water, and can't sell because of market and again I'm upside-down. I don't care about my credit anymore, I just need to get on with my life. So what should I do? Do I purposely stop payingand hope to short sale? Let it foreclose and hope they don't come after me for the rest (and garnish my wages)? I would consider keeping it if the payments were lowered considerably and the principle was lowered. And before anyone judges me, I feel like the only reason I am stuck in this situation is because of the shady/geedy lenders and government people involved, and all the other people who over-bought and stopped paying. Any help would be most appreciated.