We bought a brand new Condo/Townhome in Rhode Island in 2005.
Its in a decent area, 10 min from Providence. 40 min from Newport. 50 minutes from Boston. We both lost our jobs last November and are both living on one Unemployment check. With student loans, cars, insurance, utilities, mortgage, credit cards etc… Its all getting to be way too much and we are throwing away everything we’ve saved into this black hole of debt & mortgage interest.

So, we’ve read all about both types of Short Sales, (release of lien) etc.
Foreclosure, Bankruptcy etc…..

I know there is an alternative to rent our Condo/Townhouse out but the market isn’t looking that good for renting (to cover what we’d need for bills & to move) BUT, we want OUT OF HERE! We want to either move back home to upstate NY where our families are from or way down south to FLORIDA where its warm. I don’t even care if we RENT again. I’m SICK OF IT around here. One of the highest unemployment rates and we are depressed and miserable.

So, what is there for us to do?
we had so much student loan bills on credit cards we consolidated into a second mortgage while the market was still good. So, now we have the first home mortgage and a second mortgage. These total 0K the main problem is that we are 1 of 5 condo units. The one on the end went into Foreclosure when its owner skipped the country. NICE! So, with that unit selling for 9K we are screwed!

So we’d short sale and have to get forgiveness for K
AAaaaaahhhhhhh……………………………
If its a release of lien, I can’t afford 70K plus all my 50K in student loans and still be left with no house.

What the heck are we supposed to do?
Just want to move…..

Any help would be great!

ps- I’ve tried talking to our Mortgage Co. (First Franklin based out of CA) they are NO HELP. and have straight out told us they won’t do anything unless we are 3 to 4 months behind on payments. Of which we aren’t. We have never missed a payment.
WHY WON’T THESE COMPANIES WORK WITH US THAT NEED HELP? I DON’T GET IT…

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I just out of the blue received two letters for two of my chase bank accounts, saying that they elected to close my accounts because of: 1 incident of a returned payment on the accounts, too many accounts opened recently, and too many inquiries.

Anyways, these accounts used to be wamu credit cards, which recently switched over to Chase, and not even a month or two into Chase..chase decides to just close my accounts just like that.

Now…what the HECK did I do wrong, so majorly wrong that they decided to do that? why would credit companies do that?

they already jacked my interest rate up to 29.99% and if that wasn’t enough..now they decided to close both accounts.

First of all, will this look bad on my credit score, and how long will this affect my credit score, second of all, WHY are they such …Aholes and out of the blue did this,…even though my payments and history have been on time and great,

and third, can accounts ever be reopened, or once they’re closed, that’s that?

I’m just shocked. Is this because of the economy and the credit card industry suffering, or is this because of something else?

I just am scared..I knew that credit cards were slashing credit lines, jacking interest rates and adding other unfavorable things, but now…I didn’t expect this out of nowhere. I’m terribly disapointed, and I guess there goes two years worth of positive history….just because of one returned payment (which was my banks fault for putting my money on hold), and because they claim i have too many new credit cards and inquiries, because I’m trying to re-establish my credit after going bankrupt in 2005.

Oh well. chase is horrible.

I heard that a new law is being passed to keep them from doing that, to make it harder at least, but at the same time it will be harder to obtain credit.

Any ideas?

Thanks.

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