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Climbing Back into the Boat Navigating an Underwater Mortgage

Poll: Underwater (24 member(s) have cast votes)

How many of you have experienced an Underwater Mortgage?

  1. I'm in one now (13 votes [54.17%])

    Percentage of vote: 54.17%

  2. I'm going to be in one if things don't change (1 votes [4.17%])

    Percentage of vote: 4.17%

  3. I just got out of one (4 votes [16.67%])

    Percentage of vote: 16.67%

  4. What the heck is an underwater mortgage? (6 votes [25.00%])

    Percentage of vote: 25.00%

Do you think being Underwater or Financially burdened has anything to do with your personal power?

  1. Yes - Personal Power and what you have in the bank are related. (13 votes [48.15%])

    Percentage of vote: 48.15%

  2. There is no relationship between personal power & money (0 votes [0.00%])

    Percentage of vote: 0.00%

  3. Money gives you personal power (1 votes [3.70%])

    Percentage of vote: 3.70%

  4. Be powerful and the money will follow (13 votes [48.15%])

    Percentage of vote: 48.15%

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#1 User is offline   Scoobie 

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  Posted 13 January 2011 - 11:18 PM

We all need a break these days. So this time - instead of fighting to stay on the roof of that house that is SOOOO UNDERWATER - I'm climbing in the boat.
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#2 User is offline   Scoobie 

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Posted 13 January 2011 - 11:32 PM

I wonder where I will be one year from now.
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#3 User is offline   NoahsMom 

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Posted 14 January 2011 - 04:48 PM

What does Suze say about being underwater on our homes?
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#4 User is offline   Scoobie 

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Posted 14 January 2011 - 05:46 PM

Questions to ask yourself:
Do you absolutely love your home - or could you live without it?
Can you afford your monthly payments?
What are the costs of renting a place to live in your area vs. the costs of your home?
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#5 User is offline   NoahsMom 

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Posted 14 January 2011 - 06:09 PM

Thanks! I owe about $200K on a townhome worth $92K. I can afford it right now, but would really like a lower interest rate.
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#6 User is offline   Scoobie 

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Posted 14 January 2011 - 06:38 PM

We are applying for a HAMP... now that we stoped paying both lenders have contacted us about modification.
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#7 User is offline   Scoobie 

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Posted 15 January 2011 - 08:38 PM

So if I'm really going to make it through the loss of my home... maybe I need to look at where I mythically, and symbolically put my power... and where do I really need it to be in order to bring back the joy in my life.

As I think about these things - and try not to think about these things I think my next step is continuing to go through the house and sell anything I don't want anymore... That's one way to get some of my financial resources back anyway.

Scoobie
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#8 User is offline   sturgeonwife 

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Posted 16 January 2011 - 01:18 AM

IT IS A SCARY IDEA TO WALK AWAY FROM MY HOME. WE ARE UNDERWATER SOMWHERE AROUND 50 THOUSAND. WE ARE 20 TO 25 YEARS FROM RETIREMENT. IT KEEPS ME UP NIGHTS TYING TO DECIFER TO WAIT FOR THE MARKET TO COME BACK. HUSBAND JOB IS IFFY, LOTS OF LAYOFFS LAST YEAR, LOOKING FORWARD TO ANOTHER LAYOFF IN MARCH. ANY ADVICE TO HELP ME SLEEP.
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#9 User is offline   Scoobie 

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Posted 16 January 2011 - 01:50 PM

It is a scary idea...
I went through a merger and job loss myself...
Through the merger people around me kept getting sick. Hospitalized from stress complications due to fear of losing their job, (and the money that was funding their current lifestyle.)

The merger was about 12 or more years ago.

The friends I have who survived the merger are now happier than they were before the merger. I can honestly say that I am too. Once I gave up the fear surrounding my job - a better opportunity presented itself.

I've got a little one in the background crying... I'll come back to this later.

Hang in there - think about what really matters. You, your health, and the health of your family. Is it the physical structure that really makes life worth living - or is it the people that surround you?
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#10 User is offline   Scoobie 

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Posted 17 January 2011 - 01:27 PM

....
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#11 User is offline   Scoobie 

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Posted 17 January 2011 - 05:34 PM

Found this inspiring - Oprah magazine June 2010.

The front of the magazine says, "Say yes to life". It also has a great article on page 43 about Vision boards...

Hmmmm - Time to start my vision board perhaps? What if I can turn this situation around.

Maybe I'm getting my grove back.
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#12 User is offline   Scoobie 

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Posted 19 January 2011 - 12:02 AM

Today my husband met with the community organization that helps people stop forclosure... She gave us a lot of information.

I'm very frustrated.

I may put a for sale sign in the yard - one last effort.
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#13 User is offline   Scoobie 

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Posted 19 January 2011 - 07:29 PM

I hope the fear continues to fall away and rainbows shine with opportunity.
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#14 User is offline   Scoobie 

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Posted 03 February 2011 - 01:59 PM

Yesterday I decided to take a walk at lunch... the weather is Freezing in MN so I bundled up. I stoped at a community organization down the street who offers financial help amoung other things. To make a long story short... there's a church in the building and after introducing myself I got a tour of the building the pastor happened to be in. We got to talking... turns out he used to be a bankruptcy lawyer... and still has his liscense.
He recommended talking with the 2nd mortgage company to see if they would dismiss the loan. (I forget the technical term)...

I also noticed in todays paper that Chase (my 1st mortgage co) is opening an office close to where I live.
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#15 User is offline   Scoobie 

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Posted 06 February 2011 - 09:59 AM

I really don't like this situation.
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#16 User is offline   AerialistEm 

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Posted 06 February 2011 - 01:37 PM

If your mortgage companies sue you, will you lose the money you are saving by not paying your mortgage?

My husband and I have some assets and feel like we need to dig ourselves out of our mortgage hole (even though we aren't attached to the house and it would only ruin my credit, not his, if we foreclosed) because we'd probably get sued and have our our emergency savings and other assets seized anyway.
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#17 User is offline   Scoobie 

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Posted 06 February 2011 - 01:45 PM

You can keep a minimum amount of cash for living expenses... I really don't have enough assets for anyone to take.
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#18 User is offline   Scoobie 

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Posted 09 February 2011 - 11:49 AM

Hopefully I'll figure this out soon.
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#19 User is offline   Scoobie 

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Posted 09 February 2011 - 11:57 AM

One question really - and so many opposing answers...
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#20 User is offline   Scoobie 

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Posted 09 February 2011 - 06:57 PM

Whatever I do my FICO score is screwed.
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