We finally decided to short sale our house. Last Sunday 2/24 I decided that I just can't continue to live the way we've been living - paycheck to paycheck.
We signed up with a realtor and he's going to list our house in the mid $400's. My mortgage totals $750,000. I 've been looking at comps and I think it'll probably get lowered down to about $400,000 - maybe even $375,000.
The market where I live is so bad. Sign everywhere about REO's, Bank Owned Property, Foreclosure Sale, etc.
I'll be lucky to get a short sale.
What happened is that January killed me. I had to take out $6000 in PayDay type loans and the fees for those are just insane - about 33% for a 2-4 week period. Then you have to renew just to stay a float. So all in all I paid about $4000 in fees alone for January and February. It just snowballs you into financial death.
So I've got to sell the house. I feel better about the decision. I can finally get out of this mess.