Even if we could sell the thought of repaying 80,000 deficit to the bank and nothing to show for it is just unthinkable,untop of our own mortgage and other loans,itsjust not possible.
Does anyone know how big big developers who are in difficulty(millions) to banks manage to keep their home house,if nothing else?
Is it not better to owe an extra 80K instead of what you currently owe? Is 80K manageable to you?
Big developers are treated diffently as they owe so much the bank has to accommodate them.
Selling home house is just not an option. Children are all very young. Husband is in construction.
Children are all very young.
You can always rent or sell a house - obviously you've priced yourself out of the market. On the rental front, remember that some income is better than no income - so you are always better off renting at a lower price than not renting at all.
80K is getting towards personal loan territory. Is it more likely that a bank would prefer to let you sell and owe 80k unsecured than to allow interest to start rolling over on your current debts. If you continue with you current deficit and cant pay the mortgages, it wont be long before you put another 80k on the total anyway. Would be well worth talking to the banks about this and doing something with their agreement.
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