Desperate

[Desperate]

Well my story is like most, I am upside down.

I bought my house in 2005 for $329,000 I put 20% down and have 816 credit score. My house is now worth $182,000. I have very sick Dad, that I need to sell, so I can go and take care of him. I can not sell, I can not refinance, and I can not rent for the amount of my mortgage. I would be moving to a small town, so I would not be able to pay the left over portion of the mortgage. If I sold the house I would be left owing the bank an additional $85,000 not including Realtor fees and the amount that I put into the house after purchasing and my down payment of $67,000. Even if I could refinance why would I, it would not help my situation. I still could not resell my house and leave, maybe in 10 to 15 years which does not help me now. So I refinance and pay $5,000 to $10,000 to refinance at the 50% higher price than the one next door.

I am so distraught and feel so traped that I have tried suicide 3 time. unfortunately not successful, the 3 time I was extremely close but not close enough.

I have worked so hard for everything I have, which is now worth nothing. So not all people that are going to lose their home were irresponsible.

The banks are big contributers to the falling prices, every time a new foreclosure come on the market, they mark it lower than the last. So if they are going to create the new price, they should write down the loan, as they reset the price. I can not wait 10 to 15 years for my house to hopeful be worth what I once payed.

The banks state they do not want to write down loans, as if the price keeps falling they will be asked to write them down again. Well if they wrote them down they would not have the foreclosures. And as they are the ones killing the prices that would stop, which would then stabilize the market.

[syryn22]

Desperate, please, please understand when I say I hear you. My home is now worth 82k less than what I paid for it. Normally, I would not even fret over such a large loss, but because of my adjustable rate mortgage, it just looms over you. Things are tight, but overall, I am managing. I, too have invested so much into my home and to think that it could all be lost because my bank didn't want to save my house as much as I want to save it. But that all that aside, it is going to be a fight. And you have to be here on this earth for that fight. The banks are losing big time, too. In my heart of hearts, I believe that they will start working on freezing rates (at the very least). To me, that is the least that they can do. I mean, I owe so much more than what my home is worth, the bank will make off like a bandit when it is all said and done. Thank God you are here today.
I am in the process of writing my hardship letter for my bank. I am praying for all of us that the banks come around. But, I am ready to fight. And you know what? You are ready too. That is why you are here, on this site. You are here among many people that are going through the same ordeal and you will feel inspired and empowered by what everyone has to say. Do not give up. Let us all help each other.
Kim

Good morning Desperate. First let me begin by suggesting that there are things that we can individually impact and things that are simply too large that result in our simply "being along for the ride." The current situation relating to the residential real estate economy fits in the second category. The key to dealing with the situation is to accept it for what it is and recognize that it is not your fault.

We, in this Country have been brainwashed by the real estate industrial complex (REIC) into believing that the key to happiness is owning our own home. The truth is, as demonstrated by your posting, homeownership can also result in a nightmare situation. In my mind the key to your situation is recognizing the root cause of the problem, deal with it, and move on.

You have identified the problem. That is your home is "underwater" in financial terms. You have reached a fork in the road that provides two choices. The first, as syryn22 suggests is "do not give up." The second is to accept the current situation for what it is and move towards starting over. For the reasons stated below, I firmly believe that the second approach should be given serious consideration, given your circumstances.

Your presentation provides some key points that suggest following the second approach. First, you have identified three attempts as suicide. Loosing a home as the result of a foreclosure is not the end of the world. In fact, I can easily view it as a new beginning. A financial rebirth, no longer being saddled with a negative equity situation.

I have repeatedly suggested on this forum the decisions borrowers make with regard to handling their situation should be based upon the facts and circumstances as they actually exist. You have provided some insight that will help those on this forum provide reasonable suggestions relative to your situation. That information includes concluding that your home is "underwater" by about $85,000. Would you kindly provide answers to questions that would be helpful.

1. What state is the residence located in?
2. Was the loan you currently owe that is secured by your home created at the time you bought the home?
3. What is the name of your lender?
4. Have you occupied the home since you bought it?

Take care,

Daniel

[evel1999]

Make the decision that is best for you. Like Prof Shea says, sometimes this is a new beginning, a chance to start over. For some, the only answer is to walk away or do a short sale. It is not the end of the world. We do come back and start over again in life. Most of the time, things are better for us.
You mentioned you need to move to take care of your Dad. Things like this play a lot in our decision.

I am upside down in my home also. But my circumstances are where I needed to say in my home. I know being upside down is not a good financial thing, but I was able to get a loan modification that I wanted so I could stay.
I am $65,000 upside down, I am now paying my new payments. For me this was the best, but for others the best decision for them may be a totally different option.

No matter, if it works, it is a success story. I have been up and down the ladder so many times in my life. You go down the latter, but this offers the opportunity to climb back up. Most of the time, we are better off mentally, financially because we made the best decision for our situation.

I wish you the best. Examine your situation and then decide what would be best for you and your life.

[schwefls]

Hi Desperate:

Please do not consider taking your life on account of this situation. There are loved ones surrounding you, they need you and you need them. I realize times are trying, and at times life sucks but it is not worth taking your life. We will always be here for you 24/7 365. Please search for your inner strenghth and let your faith see you through these dark times.

[jennifer]

Desperate
I know the darkness you are in I HAVE BEEN THERE !!! There is a light!!!
It seems to far away and unattainable at the moment but you can reach it!!!

This is from a earlier post
Focus your Thoughts
Memorize this verse: "God has not given us a spirit of fear, but of power and of love and of a sound mind" (2timothy1:7).

When fearful thoughts come into your mind ,counter them with truth. Write out empowering truthful statements .Post them is places where you can see them regularly. Recite them aloud when you need that extra dose of confidence.

Don't worry everything will work out. Put a plan of action together and write down your goals and take action today....

You will have victory .........

Your Foreclosure Coach
Chante Earl

SCHWEFLS and Coach have great words. Know that you are not alone !!!

jennifer

[Desperate]

Thank you all for you help and advise.

I am trying to hang in there. I do not handle this amount of stress well. I know so many people are hurting right now, I really hope that some major help comes our way.

A plan that hopes for "major help," while certainly qualifying as a prayer, isn't a plan. Desperate, I've proposed a series of questions in my earlier posting for you to answer. You need ideas of courses of action you can take. Having run the gambit of foreclosure related jobs (started out as a foreclosure officer for a title company in 1973 and left the title business in 1995 as in-house counsel), I can tell you based upon what I'll characterize as extensive experience, that the best "major help" you can expect is helping yourself.

Politicians promise during the election season but the truth is there are a number of challenges relating to all of the debt relief proposals I've heard about. The problem with most proposals is they provide too little relief too late. This asset balloon is deflating and that deflation is being helped along by tighter lending standards. The reality is we won't reach bottom until another couple of years of declining values and will probably face years of no value growth once the bottom has been reached.

Please help us help you by answering the questions.

Take care,

Daniel

[Reality]

Desperate,

No need to despair. Just remember, your own health and those who love you are the most important things in life. Money and wealth come and go; we are not born with it, and we can't take them with us when we die :-) Thankfully our society has a safety-valve called bankruptcy protection, instead of say, a debtors' prison. Use that legal bankruptcy protection if you have to; yes, your credit rating may be ruined for a few years, but it beats the heck out of suicide or even suffering from depression . . . chances are that there will be many ruined credit ratings when this housing debacle is all done, so it may not be as hard to borrow again in a few years as you may think. We are all human; we are allowed to make mistakes. Credit ratings are just that, the record of our past financial acumens. Banks have to lend money to someone in order to pay the depositors and stay in business. Sure, the financial losses are painful, but it's no worse than people losing savings during the dot-com stock market bubble. Many people who lost a fortune on the stock market bubble recognized the housing bubble and avoided it. Likewise, paying the price and living to fight another day will make you older and wiser when the next mania comes around; you have earned a precious lesson in life that will be well worth teaching to your family members and especially children down the road when they are over-eager and ready to be banboozled by yet another mania.

Best wishes

[mksdk]

After reading all these sob stories on here I'm starting to realize what Buddha meant about attachment being the source of all human suffering.

[Calaloo]

Oh please do not kill yourself over this you can get back your stuff just hang on.
Life is worth much more than you can ever dream of just be good to yourself.
I have been to hell and came back,so can u.
with love
Mario Kenny