moe5324
Sep 17, 2007, 06:15 AM
:confused: My wife and I filed Chapter 13 ~1 year ago and have about 3.5 years left in the program
Paying 550.00 per month. Our problem is that we refinanced our mortgage into a ARM and with the second mortgage I am paying ~2200.00 per month for our house. With this taking over 50 % of our budget we find ourselves wondering what can be done. We have been unable to refinance since the current housing market has put us upside down in the house and am struggling just to get by.
Should we just walk away from the house and let the bank foreclose and just rent?
How will this affect our credit?
How will this affect our Chapter 13 program?
Any advise would be greatly appreciated...
Paying 550.00 per month. Our problem is that we refinanced our mortgage into a ARM and with the second mortgage I am paying ~2200.00 per month for our house. With this taking over 50 % of our budget we find ourselves wondering what can be done. We have been unable to refinance since the current housing market has put us upside down in the house and am struggling just to get by.
Should we just walk away from the house and let the bank foreclose and just rent?
How will this affect our credit?
How will this affect our Chapter 13 program?
Any advise would be greatly appreciated...