It's times like this that I wish my blog was private. Private so that I could just vent and be able to just say what is going on to complete strangers so that they can give me their honest opinion. So since people in real life do read my blog (I think) I won't go into too much detail, but still need to organize the info to help myself.
Gabe and I are contemplating walking away from our home. First off let me just say that we have spent almost a year now trying to modify our mortgage and even hired someone to help us all with no success. I have faxed and emailed countless documents, and spent hours on the phone all for nothing. We keep getting pushed around asking for document after document. I have now sent them Gabe's paycheck stubs 10 times. How many more could they want? Every time I call, they just ask for something else.
Why would we do this? Reason #1: We bought our house in July of 2007 from my Father-In-Law and at this time house prices were still pretty high and we got an interest only loan for five years. We are approaching three years this Summer and I fear we might end up losing the house anyways once the five years hits. If we could get it modified as a fixed loan, we would gladly stay as long as the monthly payment wasn't any higher. Reason #2: We owe more than the house is worth. Reason #3: I would like to continue on my 28 hour per week work schedule. Reason #4: Our expenses are higher and income is lower. We now have two babies to support. Diapers, formula, clothes, health insurance for them, a $4,000 health insurance deductible, and daycare. My income is obviously lower because I am working less and my last raise was 2% back in January of 2008. Thank goodness Gabe continues to get decent cost of living raises every six months. Reason #5: We could save A LOT of money renting, and even save enough for a down payment on something else once our credit was restored years down the road. Reason #6: We could rent a larger house with TWO bathrooms, our house is only 1,000 square ft. and we are not too crazy about the neighborhood.
Why wouldn't we do this? Reason #1: Gabe's Dad raised him in this house and it has a lot of memories for him. Reason #2: We put blood, sweat, and tears into remodeling this house and making it just the way we want it. Reason #3: This house has so many special memories for us, it is the house we brought our boys home to. Reason #4: Most rentals don't allow pets and we have two cats and two dogs. Reason #5: I take a huge amount of pride in being a home owner and will be sad to no longer be one and have the freedom to do to it as we please. Reason #6: The tax write offs we would lose. Reason #7: The hit we would take on our credit. Reason #8: The low property tax rate we would lose, since we bought the house from my Father-In-Law we were Grandfathered into his lower tax rate. Reason # 9: I really do love our house!
So it seems we have more reasons not to, but some of the reasons to do it are rather large. I am glad I was able to get this all down, it helps me to better organize my thoughts. For now, I will call Wells Fargo yet again and see if we have gotten any further. Thanks for letting me vent. I think we will give it another few months now that we are starting to see what my income is like and what the boys expenses are and then re-evaluate.
2 days ago