Should I apply for foreclosure?
This week, I know for sure that we won’t be able to pay our monthly mortgage for the first time. My husband has been laid off for almost 6 months now and we have used up all of our resources. Used our credit card to pay some bills, buy groceries, and everything else. It’s so hard especially that we have a 7 month old baby. I tried to refinance my condo with multiple banks and even online(Quicken Loans) and we have been denied because we don’t have enough source of income. My credit score as of today is 679 and have never been late with anything but all of our credit cards have been maxxed out. We have about 30k in CC debt. Can anyone give us some advice on what to do? I’m thinking of foreclosure and just move to an apartment. We don’t want to do any loan modifications. I’m willing to give the condo up but in the future, I would still want to finally get a nice house of our own. We’re trying each day to be optimistic but things are getting out of hand lately. I would appreciate your suggestions.
My husband and I are looking to buy a house. We took first time homebuyers classes, made out a budget for what we can afford, checked our credit scores, and paid down our only credit card by a couple thousand. We are both fresh out of college, so we have not started to pay our student loans, but we have figured into our budget what the payments will be. My husband got a really great job over six months ago, and that is the reason we are even looking. To get an idea of what our mortgage would be before we applied, we did a variety of mortgage calculators online and through the bank that we are applying through for our loan. We found out yesterday that we only qualify for $ 60,000, but all mortgage calculators and our budget tells us otherwise. We were thinking it would be closer to $ 80-$ 100,000. So what did we do wrong, and what do we do in the future. We have thought about asking my parents to cosign, but will that help that much,or do we need to pay our card off?(About $ 3000)