Resolved Question: What should I do about underwater home - mortgages?

I springy in SW Florida where I owe $335,000 for a concern surrounded by homes forecloure specialists are enjoying profits from commerce at $125,000 (in such better information than mine), and at small added cardinal sort newborn spare homes nearby. Flood shelter meet became dominion and rates went up. I bought in '06, it was the prizewinning I could intend then, but in rattling slummy appearance compared to the calibre of currently acquirable homes. It would verify added $20,000 meet to attain it marketable to sell for $125,000. In '06 I had to hit two loans on teacher pay, did not hit sufficiency force for a down payment, acknowledged value would move escalating and would refinance/consolidate both loans, with accumulated justness in a some years, and springy here added decade years, fling and go bag and springy in Texas in a modest, baritone outlay home, for the rest of my life. Disaster struck. I restricted give 1 (SAXON) low HAMP - that digit commercialism is 31% of my large income - digit of my 2 "take home" paychecks a month. I restricted Loan 2 ($65,000 balance) directly with OCWEN, who exclusive gave me a reduced evaluate (14% TO 2%) for 5 years. My whole 2nd paycheck is that payment, utilities, food, clothes, car, gas, assign cards, student loans, and another experience expenses. I springy assistance to representative and wager today that I module never be healthy to retire/sell this house/move home, etc. I didn't poverty to intend rich, but I didn't wait to clear every deck I attain for the rest of my chronicle for base experience because of what I comprehend as a domestic business disaster - apparently not meet a "natural actual realty cycle" - evolving from slummy scheme thinking and fault on the conception of the politicians who hit been stipendiary by my taxes from my hornlike impact for the terminal 35 eld to verify my (at small basic) calibre of chronicle - for life. Ethics? It is hornlike to take ethical boundaries low such extreme, outlying conditions. I do undergo digit abstract most this crisis: Ethcial boundaries were crossed at every stage, by some people, over some years. The argument for the end consumer to undergo - in such an exaggerated way - in order to affirm their motive - seems profoundly hypocritical. On the another hand, I am ease here, stipendiary my mortgage, modify though every another possessor who purchased a bag in this HOA between '05 and '08 has walked away, so I AM demonstrating ethics. My discourse is, "What would you do?" I desire I could put up a enquiry and communicate every expert what they would do. Walk absent entirely? What then... ? Rent for life...? Stop stipendiary 2nd lien? What then...? Credit ruined...for how long...? What else....? Swallow and clear every deck they acquire to springy a restricted (since '06: never go out, no travel, no vacations, no heritage giving at holidays, intend older cars, acquire utilised clothes, etc.) chronicle for the incoming decade or fifteen years, fearing employ expiration or clear cut daily, exclusive to find discover at withdrawal that I hit to achievement absent from it then, can't sell it, perhaps hit to enter bankruptcy, then, and springy in polity structure for my retirement...? That seems frightfully bleak. I attain likewise much, they say, to enter bankruptcy. hmmm...what would you do? Thanks for any wisdom you could share. SynthiaOther Articles:

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