What a great time to have a rich uncle on your side. But , I guess you've already thought of that one.
You've got a couple of choices. One is to walk away. That's easy.
Another is to get a good RE lawyer. If the place is worth that much to you, and you're stubborn enough, things can work out. One trick is to declare bankruptcy, do a re-organization and that will stave off the wolves for a short period. Then, work your a$$ off and get the payments up as soon as you can. This can be tough, but it can be done. Talk to the local branch of your bank, to the manager. Big thing is to be honest, and realistic. They may be able to help you, and may be able to help you reorganize the payment schedule somewhat until you can catch up. It won't be easy, but can be done. The banks have started to wake up some, and are sitting on a rash of houses and money that is sitting and not doing anything. Many are finding out that it's easier to try to help out a homeowner, and keeping money rolling rather than foreclosing and eating money to maintain the property and pay the taxes until they can resell it, and that usually at a loss.
So it's kind of your choice. If you feel it is worth fighting for, nothing beats a try but a failure. No matter what you do, your credit will take a hit, at least for a few years. But you will come out better and stronger if you choose to fight now. Either way, you'll feel better. You fight, and feel like you have accomplished something, or you let it go, and get rid of the burden. Neither is easy. Good luck in whatever you do.
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Today's Featured Article - Earthmaster Project Progress Just a little update on my Earthmaster......it's back from the dead! I pulled the head, and soaked the stuck valves with mystery oil overnight, re-installed the head, and bingo, the compression returned. But alas, my carb foiled me again, it would fire a second then flood out. After numerous dead ends for a replacement carb, I went to work fixing mine.I soldered new floats on the float arm, they came from an old motorcycle carb, replaced the packing on the throttle shaft with o-rings, cut new ga
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