My wife and I have owned our house for about 5 1/2 years, but we refinanced about 2 years ago. The terms of our loan are really good for us (30yr fixed 6.5%).
However, this year has been terrible for us financially. My wife's income fell by about $20,000 annually, and then we had some friends in a very bad car accident in which some of their family died, and we helped out financially. Then my son needed massive dental work. Then we had more medical expenses. Then the water heater exploded. And so on...
So, we have fallen behind on our credit card bills. The car payments and mortgage still have perfect payment history, but the credit cards are a wreck. And, since we were barely getting by to start with, we have no prospect of getting them caught up any time soon. So our credit sucks now...
Now, my work is moving me about 400 miles away. I don't think we'll be able to get a new mortgage to buy another house, but we don't want to have to go back to renting.
What should we do?
2007-11-20
11:09:42
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4 answers
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asked by
elmikodelosterribles
1
in
Renting & Real Estate