other advice (post new situation)
I am going through a divorce. We have 2 loans against our house, 1st with Citimortgage and the 2nd with Beneficial. We are upside down in it, we owe $157,000 and it is worth $140,000. The monthly payment to pay both loans is $1500. I can not afford the monthly payments so my husband is agreeing to pay the payment until my youngest child graduates high school (3 yrs) as part of the divorce. After the 3 years I will have to get out of the house because my income is not going to increase enough to pay the payment. I am contiplating walking away and having a foreclosure on my record. My thought is that I can find something to rent for $500 less a month and start saving for 3 years and the foreclosure will be 3 years old by then. Any advice????
posted by Janet (age 41) on 3/16/2011 @10:37:07 AM •
I wouldn’t let it go into foreclosure. Let your husband pay till your daughter graduates. Many things can change in three years. Make sure you keep your credit clean and you may be able to refinance and combine the two loans at a better rate. I had a loan with beneficial years ago. Their rates were extremely high,
posted by Theresa on 3/24/2011

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