Hey all, great to find this place and know there's more of us out there than we knew.
I'm not in as bad a situation as I've seen, but here goes:
My wife and I were classic single people, I owned a house and she a condo, but we lived far apart. We married, found a great deal on a house, got it, moved in together, put our other properties on the market and found tenants in the meantime.
This summer our daughter was born. All is good, right?
Well, I lost the tenant on my house back in April, and we're about out of savings. We already sold all the "toys" to keep current, but August will be the last month for that.
The house is in a rural area in Colorado where things don't sell very quickly at all (been trying since March 2007, actually). We dropped the price to just enough to pay the note and realtor, but no action.
The house is assessed by the county at $380K, we owe $310K, no second mortgage, but it *is* a two-year-old refi, not a purchase loan. We're current, but as I said that won't last. We thought about a mod after reading this forum, but frankly the answer to "how much can you afford?" is "nothing." We're out of cash.
Should we even approach WAMU (or will it be Chase now??) about a deed in lieu of foreclosure or short sale? Sounds like since the Chase merger it's become an absurd comedy over there. Should we wait until we're behind? Let it go into the foreclosure process gladly?
We live in a fine little house now, good loan, and can afford to live here if there wasn't something else hanging over us. Our credit hit doesn't faze us, but the thought of WAMU coming after us for any difference between what we owe and what they can sell the house for, does.
Much obliged for any suggestions.
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