Upside Down Mortgage

Mortgage Relief Programs

Question: We're in huge debt, should we start over?

We're at a point of bailing out and starting over because of our financial situation, but not sure if it will cause more stress down the road. We started a trucking business 2 yrs ago that went under and left us with $100k in personal credit card debt. Our mortgage is $2900 and going up to $3500 in 2 yrs.. We owe more than the house is worth so are thinking of doing a short sale or deed in lieu of forclosure and rent a cheaper place until the CC debt is paid off. I have thought of doing a debt relief program, but not decided because of the bad things I read about it. My credit is still high because I pay everything on time, but not able to pay much more than the minimum so not getting anywhere. I feel like I'm throwing money away on this house and would like to get out of it and have some breathing room to start over. Has anyone actually done this and how has it effected you? Do you think it is worth ruining great credit to be able to have a life again?
Thanks for any advice

Answer: I have one of my friend had to file for bankrupt for the amount of $419k in 05 due to major business lost.
just last week he closed deal to buy a new home.
with 10% down payment.
do not kill your self of debt.
your health, your happiness,and your family are the most important keys in your life not your credit.
you are in very bad situation . do not waste your hard earring money.
save it you and to your family .
life is too short to effect your life due to ugly debt.
best luck to you.

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