Should we walk away from our mortgage?
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|Thu, 05-26-2011 - 11:50am|
My husband and I are in a major dilema and can't seem to get any concrete answer, so I'm hoping to find one here.
I just graduated college and over the last couple of years I haven't worked very much because school got so demanding. In the meantime, we were using credit cards to pay bills. My husband is a teacher so he doesn't make very much and I have not yet found a job in my field so I am still waiting tables. We bought a modular home just over 10 years ago. It was a repo when we got it and we bought it immediately after seeing it because we were so excited and it was much better and bigger than where we were living. Since it was a repo, the interest rate was 10%. This was an incredibly stupid thing to do, but we were young.