What a great time to have a rich uncle on your side. But , I guess you've already thought of that one.
You've got a couple of choices. One is to walk away. That's easy.
Another is to get a good RE lawyer. If the place is worth that much to you, and you're stubborn enough, things can work out. One trick is to declare bankruptcy, do a re-organization and that will stave off the wolves for a short period. Then, work your a$$ off and get the payments up as soon as you can. This can be tough, but it can be done. Talk to the local branch of your bank, to the manager. Big thing is to be honest, and realistic. They may be able to help you, and may be able to help you reorganize the payment schedule somewhat until you can catch up. It won't be easy, but can be done. The banks have started to wake up some, and are sitting on a rash of houses and money that is sitting and not doing anything. Many are finding out that it's easier to try to help out a homeowner, and keeping money rolling rather than foreclosing and eating money to maintain the property and pay the taxes until they can resell it, and that usually at a loss.
So it's kind of your choice. If you feel it is worth fighting for, nothing beats a try but a failure. No matter what you do, your credit will take a hit, at least for a few years. But you will come out better and stronger if you choose to fight now. Either way, you'll feel better. You fight, and feel like you have accomplished something, or you let it go, and get rid of the burden. Neither is easy. Good luck in whatever you do.
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Today's Featured Article - Choosin, Mounting and Using a Bush Hog Type Mower - by Francis Robinson. Looking around at my new neighbors, most of whom are city raised and have recently acquired their first mini-farms of five to fifteen acres and also from reading questions ask at various discussion sites on the web it is frighteningly apparent that a great many guys (and a few gals) are learning by trial and error and mostly error how to use a very dangerous piece of farm equipment. It is also very apparent that these folks are getting a lot of very poor and often very dangerous advice fro
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