How do you deal with it? We are on the verge of loosing everything. My husband and I have been honest hard working people. We put our entire live savings into our home, a total of 200k cash, and have spent the last 5 years remodeling it from top to bottom. This is our home, but also our retirement fund as we planned on selling it later on as the real estate market continued to grow.
Everybody said that real estate was the safest place to put your money, so we figured it was safe. Well, everyone knows now that it was the worst place to put your money. We live in florida, and the market collapsed and all of our 200k equity that we put down is now gone. We still have a mortgage on it, a 30 year fixed mortage, that we can no longer pay because our business has also tanked. So, we are going into default with the mortgage probably next month, so they will foreclose in a few months.
It's been on the market for 1 year, and we can't even get 1 offer. There are millions of foreclosures here, that are so much cheaper, so I can't compete with them.
I now believe we still owe more on it then it's worth, which I never thought possible since we put 200k down on it, our entire live savings, every penny that we have to our name.
Our perfect credit will also be shattered, and we don't have enough money for a downpayment on another home anyway. So, we will basically be homeless when they foreclose, with no where to go, except for a rental if we can find one.
My husband will get social security in another 10 months, so we can use that for a rental, but this is the most painful thing I"ve ever been through in my life, and I"ve been through some really terrible situations.
I sit and cry most days, and can't focus enough to even read a book or do anything. I feel like i"m on the verge of a nervous breakdown. I think about suicide alot, and my husband also, but we can't do it because of our 2 dogs and my elderly mother, there would be nobody to take care of them.
I pray about 20 times a day to God, have been for months, and so far He has not sent a buyer for our home and I don't know why. Why isn't He helping me? Why? I"m still trying so hard to have faith, but each day is getting harder and harder when your whole life is crumbling and falling apart right before your own eyes, and none of it is due to anything that you did wrong. We are responsible, honest hard working people. We didn't deserve this.
How can I continue to have faith? How can I cope? I just don't know anymore.
Everybody said that real estate was the safest place to put your money, so we figured it was safe. Well, everyone knows now that it was the worst place to put your money. We live in florida, and the market collapsed and all of our 200k equity that we put down is now gone. We still have a mortgage on it, a 30 year fixed mortage, that we can no longer pay because our business has also tanked. So, we are going into default with the mortgage probably next month, so they will foreclose in a few months.
It's been on the market for 1 year, and we can't even get 1 offer. There are millions of foreclosures here, that are so much cheaper, so I can't compete with them.
I now believe we still owe more on it then it's worth, which I never thought possible since we put 200k down on it, our entire live savings, every penny that we have to our name.
Our perfect credit will also be shattered, and we don't have enough money for a downpayment on another home anyway. So, we will basically be homeless when they foreclose, with no where to go, except for a rental if we can find one.
My husband will get social security in another 10 months, so we can use that for a rental, but this is the most painful thing I"ve ever been through in my life, and I"ve been through some really terrible situations.
I sit and cry most days, and can't focus enough to even read a book or do anything. I feel like i"m on the verge of a nervous breakdown. I think about suicide alot, and my husband also, but we can't do it because of our 2 dogs and my elderly mother, there would be nobody to take care of them.
I pray about 20 times a day to God, have been for months, and so far He has not sent a buyer for our home and I don't know why. Why isn't He helping me? Why? I"m still trying so hard to have faith, but each day is getting harder and harder when your whole life is crumbling and falling apart right before your own eyes, and none of it is due to anything that you did wrong. We are responsible, honest hard working people. We didn't deserve this.
How can I continue to have faith? How can I cope? I just don't know anymore.