My family and I are going through some serious financial difficulties. We are really not this kind of people, but Hurricanes have ruined us. I want to get some advice and prayers. Here is what is going on. We live in the gulf region and had a home distroyed in Hurricane Katrina. We had one been in the home for a year so very little equity had been earned. We did have insurance but of course there was gap and the flood insurance paid, but Homeowners insurance paid almost nothing. So there was a significant balance after all was said and done. The home was demolished. It gets worse. My husband lost his Co. due to Hurricane related prob. And Even Worse--We had someone who promised to purchase the lot for enough to pay off the remaining mortgage. In the meantime we needed a home. Following the hurricanes, there were homes for sale way over priced but most of them needed a lot of work. We found a beautiful home, and we purchaed it. It was too much but with the lot sold, we planned on refinancing and reducing our monthly payment. Yes, you guessed it, the buyer backed out. We have had the prperty for sale for over a year. No luck there. Now we are having difficulty paying our mortgage. We have been advised to file bankruptcy. The question is should we also give up the home? If the payments remain the same, we will still be in the same boat. But letting the house go means we will have to live on cash alone and find a decent place to lease. To make it worse, we have children so school system are important and they have really been through much. I hate to fail them further. I am praying for guidance.

By Tink on Thursday, February 14, 2008 - 09:12 pm:

I can't imagine living through what you've gone through. You and your family will be in my prayers.

By Dawnk777 on Friday, February 15, 2008 - 12:41 am:

{{{HUGS}}} Will keep your family in my prayers.

By Happynerdmom on Friday, February 15, 2008 - 09:46 am:

I'm so sorry, Anon. I don't really have any advice for you, but I will definitely pray that God guides you and gives you wisdom. (((hugs)))

By Bellajoe on Friday, February 15, 2008 - 07:18 pm:

I'm so sorry, that must be so hard. I can't even imagine.
I wish I could give you some great advice but I just don't have any.
((HUGS))) and prayers for you and your family.

By Anonymous on Friday, February 15, 2008 - 09:20 pm:

Thanks for the prayers and support. I really appreciate that no one has judged and EVERYONE has been supportive. I am so worried about my girls. They have lost so much, and here we go again. I feel like we are such failures both as parents, who are suppose to protect and support their children, and as financial adults, who are suppose to provide and protect.

By Tonya on Sunday, March 16, 2008 - 06:59 pm:

Can't you just let the property go and worry with what you have to. If the lot is that big of an financial issue (burden) and you do have a home to stay in I suggest just let it go.

By Karen~admin on Tuesday, March 18, 2008 - 08:33 pm:

I think I know who you are, and I have no advice, but lots of{{{{{{{{{{HUGS}}}}}}}}}} for you. I hope you can make a decision about this that will work for you and your family.