What are we looking at?
Hi all...
My husband and I have decided to give up our house, and we don't really know what to expect down the road. Here are some details...
I'm a teacher in Las Vegas who is looking at a pay cut due to our state's budget shortages, and my husband involuntarily retired from the construction industry after his company went out of business. We've been barely holding our heads above water for the past year, and we're just tired of living like this. Right now, we just want to let the house go and simplify our lives by moving into an apartment. Since our kids are grown, the house is too big for us, but not worth selling at its current value of $125,000 (we owe $180,000+).
We haven't actually missed a payment yet, but we are planning on missing this month's payment. Our plan is to stay in the house as long as we can, and use the money to get as much of our credit card debt taken care of, and then move into an apartment.
Here are some of my questions:
First, what realistic time frame are we looking at for having to leave our house? Our mortgage is with Wells Fargo. We don't want to let moving go until the last possible minute.
Second, should we try to rent an apartment sooner rather than later just for peace of mind? Again, we're not really the "pick up and bug out" kind of people.
Finally, for now, if we wait on the apartment, how much will our credit be affected with a "foreclosure in progress"?
We have lived in our home for 22 years, and haven't come to this decision lightly. We can't file chapter 7 because our income is too high, but we can't afford to be in the hole every month for the rest of our lives. At age 50 and 58, the thought is just overwhelming.
Thanks in advance for any words of wisdom.
My husband and I have decided to give up our house, and we don't really know what to expect down the road. Here are some details...
I'm a teacher in Las Vegas who is looking at a pay cut due to our state's budget shortages, and my husband involuntarily retired from the construction industry after his company went out of business. We've been barely holding our heads above water for the past year, and we're just tired of living like this. Right now, we just want to let the house go and simplify our lives by moving into an apartment. Since our kids are grown, the house is too big for us, but not worth selling at its current value of $125,000 (we owe $180,000+).
We haven't actually missed a payment yet, but we are planning on missing this month's payment. Our plan is to stay in the house as long as we can, and use the money to get as much of our credit card debt taken care of, and then move into an apartment.
Here are some of my questions:
First, what realistic time frame are we looking at for having to leave our house? Our mortgage is with Wells Fargo. We don't want to let moving go until the last possible minute.
Second, should we try to rent an apartment sooner rather than later just for peace of mind? Again, we're not really the "pick up and bug out" kind of people.
Finally, for now, if we wait on the apartment, how much will our credit be affected with a "foreclosure in progress"?
We have lived in our home for 22 years, and haven't come to this decision lightly. We can't file chapter 7 because our income is too high, but we can't afford to be in the hole every month for the rest of our lives. At age 50 and 58, the thought is just overwhelming.
Thanks in advance for any words of wisdom.
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