upside down $ on house,any way out? *Update Barracuda is at least out!*

[GranCuda1970]

If you cannot afford to buy another home right now, I would start to look for somewhere nice that you can lease to own.  Then agree that part of your payment goes towards your purchase price over the term of your lease.  Once you have completed the lease term, see if you can afford to purchase the home or lease it for another year.  Find a good place with a big garage for the toys.

Certainly a short sale will not hurt your credit as much as a foreclosure especially if the bank let's you complete the short sale without getting behind in your payments.  Then the hit to your credit in small.

 Hopefully it is not a bitter divorce and the Toys will be out of the reach of the judge, I live in WA state and thus state has a strong reputation for screwing over the joes nearly all of the time , I have heard of 1 guy getting the better deal 1 time. Best to baby the misses and always stay on the good side than to meet the fury of a woman and a biased judge.

[torredcuda]

Does the wife want the house?  If she gets it, make sure that the divorce decree stipulates that she must re-finance the debt.  Make sure this happens.

A co-worker let his wife have the house in their divorce.  She never re-financed and now that she's in default, he's getting taken-to as well.

Neither one of us can afford the house by ourselves.

[the_engineers]

Oh, and sell your car to someone you trust will sell it back to you later. I had a buddy who treasured his motorcycle. His peaceful divorce went south and that was the first thing she went after.

[hpe600rt]

i dont know what to tell you things like this are never easy i hope it all works out for you and wish you the best

[torredcuda]

Hopefully it is not a bitter divorce and the Toys will be out of the reach of the judge, I live in WA state and thus state has a strong reputation for screwing over the joes nearly all of the time , I have heard of 1 guy getting the better deal 1 time. Best to baby the misses and always stay on the good side than to meet the fury of a woman and a biased judge.

New Hampshire is a 50/50 split for the majority of cases and after some "heated" fights and such we have pretty much settled everything without going to court except this house issue.The house needs to be sold for us to settle the divorce and get both our names off the mortgage so we can move on and find new housing.It looks like the only choices are pay off the shortage,work out a short sale or stop paying and eventually have them foreclose.As it stands now I get all my cars,parts and tools,some off the house stuff and she keep the rest.A lease/purchase is a great option but I don`t know how easy it will be to find something. 

[tommyg29]

New Hampshire is a 50/50 split for the majority of cases and after some "heated" fights and such we have pretty much settled everything without going to court except this house issue.The house needs to be sold for us to settle the divorce and get both our names off the mortgage so we can move on and find new housing.It looks like the only choices are pay off the shortage,work out a short sale or stop paying and eventually have them foreclose.As it stands now I get all my cars,parts and tools,some off the house stuff and she keep the rest.A lease/purchase is a great option but I don`t know how easy it will be to find something. 

If you dont feel confident or dont know the lease/purchase market in your area...get a good realtor. Ask friends or family for a referral. It wont cost you anything. The seller/landlord will pay any fees, but....make a good effort on your own first. You may surprise yourself.

And I stress the word "good" realtor. Sadly, some of us dont have good reputations of looking out for their clients best interest. 

[GranCuda1970]

New Hampshire is a 50/50 split for the majority of cases and after some "heated" fights and such we have pretty much settled everything without going to court except this house issue.The house needs to be sold for us to settle the divorce and get both our names off the mortgage so we can move on and find new housing.It looks like the only choices are pay off the shortage,work out a short sale or stop paying and eventually have them foreclose.As it stands now I get all my cars,parts and tools,some off the house stuff and she keep the rest.A lease/purchase is a great option but I don`t know how easy it will be to find something. 

 Too bad you couldn't relocate here!! Houses are cheap lost alot of value. There is a 3 bedroom 2 bath , 2 car garage place been sitting for sale for a year and a half has over 18000 dollars worth of concrete work to the driveway yard and deck area not a huge place but has a big yard they only want 120000 for it 3 years ago it would have went for 180000. I feel for your situation and hope you make out OK.

[torredcuda]

Too bad you couldn't relocate here!! Houses are cheap lost alot of value. There is a 3 bedroom 2 bath , 2 car garage place been sitting for sale for a year and a half has over 18000 dollars worth of concrete work to the driveway yard and deck area not a huge place but has a big yard they only want 120000 for it 3 years ago it would have went for 180000. I feel for your situation and hope you make out OK.

Is "here" a warm climate and how is the job market for industrial type stuff?I may look into relocating after all this is over with.

[GranCuda1970]

Is "here" a warm climate and how is the job market for industrial type stuff?I may look into relocating after all this is over with.

 Here is Vancouver / Portland area of Southwest WA state there are a few job opportunities starting to come back. I have heard of a few hirings. My plant is hiring but temps only now, My Dad said his plant is hiring new hires. The rolloer coaster economy has most businesses freaked out from hiring pretty much across the whole of the country. What kind of industrial were you doing before, welding, hauling, digging, production?

[the_engineers]

Here is Vancouver / Portland area of Southwest WA state

Too many tsunamis.

[GranCuda1970]

Too many tsunamis.

 LOL!!! It would have to be a 300 foot sunami to hit me and travel 75 miles up the columbia river to git me!! Portland on the other hand would get clobbered No Loss!!!

[torredcuda]

Still "negotiating" things but I was "allowed" to get the Barracuda out of the marital house garage and bring it to my Mother`s gargage for safe keeping.It`s a small battle won and I`m sure ther are more to come but for right now-           

[67vertman]

That's GREAT new Jeff! 

I am happy for you.