Do you have your house up for sale? Short sales are becoming popular right now to avoid a foreclosure.

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A woman is like a teabag. You never know how strong she is until she gets into hot water.-Eleanor Roosevelt

I would do all you can do right now to stay in that house, but try to find something you can afford with ease. It would be good for you and your family not to have to worry about the payments. I will be praying for you.

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A Family of 5's quest to forget the Joneses.

I'm confused....didn't you know what you could afford? Just because someone is approved for an amount they need to figure out if it's really a payment they can make.

I'm sorry your going through this. It is happening much too often to people right now. I will be praying that things work out for the best for you and your family.

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Jodie....Wife to Andrew (1995)
Mommy to Riley (2000) and Wyatt (2003)

OMG! I am so sorry that you are going through this.

My DH friends went through this a few years ago. There process took a lo longer- they tried to file for bankruptcy and they had to wait to foreclose after there was a judgement- they did not get that and the home was foreclosed on (I forget how many months they were behind- I am positive that it was more than 5 months).

I would honestly try to sell the house if you are able too. Good luck and sending you and yours prayers!

You want to keep a foreclosure off your credit record if you can. It's like the worse ding, worse than a bankruptcy, is my understanding.

If you truly can't afford the monthly payment, change your outlook. It's only a house. You can buy another one, possibly for less, and after monetary crises have passed with a plan. Having a house you can't afford is a horrible feeling. Let it go. Call the bank and try to negotiate an extension on the sell date (that may already be set, and may not be changeable, as this has gone so far). And no, don't work with any of those ripoffs. Some will buy your house and lease it back. Others will buy it, period. But all are out to make their own money. See if you can do a short sale or return it to the bank without foreclosure - a deed in lieu of foreclosure. If there's equity, you will lose it, so try to work out what you can.

And remember, there is such a thing as starting over. Don't get too attached to something that will continue to cause you hardship. And I'm not trying to be harsh, but help you recognize you can empower yourself and not be a victim. Your previous mortgage company did not put you in a mortgage you couldn't afford; you did. You signed the papers. It's your responsibility to do the calculations, read the fine print and plan for the future. They only want their money, so they gave you the vehicle to do so. I'm saying this so you know and realize that YOU are the one in power. Still. Another house is out there for you; a better one, either now or later, with the right plan. You may have to rent for awhile to build it all back up, and I hope it's worthwhile for you. If you save this house now, will it resolve your financial issue? It sounds like not. Don't get attached to this. You are what makes it a home.

Good luck...YOU are the one still in power. Another lender will want your money, another seller will want your money. Just make sure it's the right choice for you and that they deserve it.

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Make someone's heart smile today.

I think this is a point worth repeating.

You got yourself into this situation...nobody else did it for you...

Whatever happens DON'T get yourself in the same situation again. Learn from this mistake that you made and move forward from there.

Good luck to you.

The whole situation is unfortunate for you and your family, but the truth hurts sometimes. I hope you guys can sell quickly and get out of the hardship and buy a cheaper place. I'll be thinking of ya and hoping for the best!

Thanks ladies.. I know you're right. When we bought the house DH had 2 jobs. He lost one shortly after our move which didn't help and with job market being what it is just can't find anything else. I'm going to go and look for a 2nd this weekend. Until he lost his PT job we could afford the house but loosing that job did hurt us more than I thought. Well, as they say hindsight is 20/20... we'll figure out what to do and move on (figuratively and literally).

This happened to my cousin. Her and her DH were approved for 110% of the appraisal of their house for improvements. THey did all the improvements, then her DH decided "I'll have an affair!". Needless to say, she kicked his butt out and then couldn't afford the house. She filed for bankruptcy, and let the bank take the house. And, here's the kicker! She was able to buy back the house for about 2/3 of what was owed on it. I don't get how all that worked out, but they foreclosed, put it on the market, adn she bought it back for less that what was owed. I don't get it, but she did.

This article was on MSN this morning -- maybe you can find something useful in it. Good luck! When we bought our house soon after our job situation changed and put us in a bit of a spin. You can't always predict what will happen. Again, good luck!

Use a 'short sale' to escape foreclosure - MSN Money

Helps if I add the article.