posted on Sep, 26 2009 @ 11:49 AM
Not sure if this is the appropriate place for this post- mods please move if not.
To make a long story short I cannot afford my mortgage payment any longer. I went from making a pretty large yearly wage to basically minimum wage.
Luckily I had savings but they are gone and I still haven't got my income up.
I've tried everything. I can't get refinanced in my own name, bank won't lower the payment or let me pay interest only for awhile, can't rent my
place out (half the block is for sale/rent), my house lost value in the crash so I can't even sell it for an amount that would pay off the loan.
I am at wits end.
The major problem is that my Mom co-signed on my loan. I cannot declare bankruptcy because the burden falls on her and I'm not going to let that
If there was a way to get her off the loan? I could then declare bankruptcy or even let the damn bank have the house.
Thanks in advance for any help.