Hello Loan Safers,
We had our first phone conversation with
CW today and their tactic is to make you feel really rich. Or perhaps we are. Briefly, we have a 1st with
CW for $544,000 and a 2nd with HSBC for $138,000. Our home is currently worth approx. $435,000. The third owner of the property is walking away (and we have agreed) leaving us to pay the whole mortgage unless we rent our her space which needs loads of soundproofing. We could afford to pay the whole mortgage, but with no money to spare for the inevitable home repairs, car repairs, doggie bills, etc. The
CW rep suggested we pay minimum on our credit cards and pull from our retirement. And since I'm a teacher, I should get a summer job. Yes, we can afford our payments NOW, but when interest rates shoot up (and they will) we will be unable to feed the monster any longer. Plus, we would like to have the whole house so we can grow our family and not be landlords. But, I'm willing to concede that perhaps we're being a bit unrealistic during these tough economic times.
So, here's my question: is it a right or privilege to be able to pay off credit cards, have a retirement fund, and have a little money left over to take your family out to dinner? Or do you truly only have a "hardship" when your credit is overextended, your retirement fund is empty, you're unemployed, and your family is on food stamps?
We have an appointment with NACA on Tuesday, but I don't want to waste their time if our situation is not as dire as others. Please advise.
Thanks,
Biggest Mistake I Ever Made Was Buying a House in California