Sunday, May 3, 2015

Is it worth, it to keep my house?


I did not get any answers to my last question, I think because I gave to many issues to think about. So here I will try to state one issue. I put $25,000 into fixing up a house. Then the housing market crashed. I owe $15,000+ more then the house is worth. I filed for bankruptcy, and now have to decide to walk away, or invest more into the house, which would take another $5,000-$10,000. And at least 5yrs to 10yrs to recover. With my interest rate, and mo they mortgage, I am not sure I can make it. If I can not lower my mortgage, or somehow make more money each month, then I will lose the house anyways. And when I mean $5,000-$10,000. That is only to repair the house. I would still have $1,100. A month for the mortgage. So I could start over, and save the $24,000 in mortgage and as well as the $10,000. The down side is with the bankruptcy, it could take me 5yrs-10yrs to fix my credit rating to buy another house. And after I fix the house up, I could rent a room or the whole house out, and start making my money back.

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