I don't have exact numbers but I have two mortgages on my house...
1st: $156k
2nd: $18k
In current market my house is worth about $130k (mid-high end). If I can settle the 2nd for around 10%-15% should I consider holding on to the house? It seems obvious to let it go but I live in a small town where rentals are not readily available and I have two kids in school so I rather not move to a different town. My wife wants out of the house (we both do) but I rather stick it out then deal with renting for the next 3 years.
My first mortgage is right at the 31% needed for a mod. I rather not pay this much per month. What are the chances I could get the bank to give me a lower rate to drop the payment a little? I haven't made a payment to either in several months. I have not recieved a NOD yet, I'm just freshly discharged.
Looking for any input to help convince myself (and wife) why we should stay or let it go.
Thanks!
1st: $156k
2nd: $18k
In current market my house is worth about $130k (mid-high end). If I can settle the 2nd for around 10%-15% should I consider holding on to the house? It seems obvious to let it go but I live in a small town where rentals are not readily available and I have two kids in school so I rather not move to a different town. My wife wants out of the house (we both do) but I rather stick it out then deal with renting for the next 3 years.
My first mortgage is right at the 31% needed for a mod. I rather not pay this much per month. What are the chances I could get the bank to give me a lower rate to drop the payment a little? I haven't made a payment to either in several months. I have not recieved a NOD yet, I'm just freshly discharged.
Looking for any input to help convince myself (and wife) why we should stay or let it go.
Thanks!