I can't afford my house!! Never thought it would be me.

by Monique
(USA)

foreclosure-debt

I have ridden the craziest roller coaster since buying my home in Phoenix Arizona. When I bought, the homes in the area were appreciating at 36% a year! I thought it would be a great time to purchase my first home and make some equity along the way. about 6 months after buying the home it appreciated $60,000.00. I was so excited about the increase! At that time I had a career change so I decided to put it up for sale so I could get the equity and move for a new job. But the house never sold!! Since the significant decrease in income I could not afford the monthly payments so I decided to put it up for rent. Over the year I had a renter in the home it depreciated over $100,000.00!! I offered to sell the home to the renters for a killer deal but they declined and didn't renew their lease so I was left with a mortgage on a steadily depreciating home. I began working 2 jobs and countless hours to make the payment. I had no life outside of work and almost 90% of my paychecks were going directly to my mortgage. I was stressed out and was physically ill from over working. I watched as many neighbors went into foreclosure and were selling their homes for almost $100k less than what I owed the bank. I decided to start the short sell process before missing any payments in an attempt to save my credit & get rid of the house. 3 times I submited all of my financial documents to the lender requesting help. Each time I they verbally confirmed receipt of my documentation. Then Each time (2-3 weeks later) they sent me a letter stating that they didn't have the paperwork & couldn't help me. My adjusted rate mortage was about to kick in and I knew that soon I wouldn't be able to make a payment even after 2 jobs. Finally I got so exhausted from work & carrying this burden on my own that I decided to stop payment. March is the first month I haven't paid. I know my credit will suffer. I don't know what other consequences I might have. But if they charge me for taxes on the loss I won't have any money to pay it. This really SUCKS!! I am a responsible individual and I never thought this would happen to me.