my husband and i found our dream home on the lake 18 monthes ago we put our current house on the market pulled out all of the equity in it to be able to purchase our dream home for our family us and 4 daughters whos ages range from 3-13. The week we were moving into our new home the buyers on our old home lost their funding and couldn't buy our old home. we put it back on the market and when it didn't sell we got scared and rented it out. the only problem was our old mortgage was only 1400 a month and the renters were going to pay 2200 a month which was all we could get for the rent which would have been great but because we pulled all of the equity out to purchase our new home the mortgage went up to $4000 a month leaving an extra $1800 month we had to pay. Not only that the mortgage lender put us into 3 negature amoritation loans which before all of this we had no idea what they were nor were they explained to us or we never would have moved but basically they give you this great payment amount like half of what you should be paying and then they just take away the rest of the payment out of your equity and my lender put me into 3 a fiirst and second on my old home and one on my new home. So each month we were barely getting by all while our equity was being ate up and taken away which before all of this experience was over $400,000. Not only that our mortgage guy made $90,000 doing these three loans. so anyways we were somehow doing it and getting by even though our equity was getting smaller each month but we were at least paying our bills. Then our tenants decided they weren't going to pay and they thrashed my home that had been worth $750000 when they moved in. So then we had a whole other mortgage to come up with on our own of $4000. And it took 5 monthes for the court to finally get them removed and they got to live in and thrash my old home with 5 of their friends and 20 pets rent free for 5 monthes. by the time i got them finally evicted we of course started to fall behind on everything and we had no other option but to put both homes on the market and sell whichever one sold first because they were both going into foreclosure. We ended up selling our new dream home and having to move the kids again and have them all change schools and our family who had always been so financially secure was in financial ruins. We moved into our old home which was soaked with pet urine and no money at all left over to fix anything that my tentants had damaged and still in a neg am loan and doing all we could to dig ourselves out oof this hole. the we had more bad luck i started having kidney failure and was sick and unable to work so my husband was doing all he could to take 4 girls to and from school plus watching the youngest one all day which is 3 and still trying to run our tile business and then again something happened we were so backed up with bills and my car was repossessed. then because we were in such a hole our auto insurance had a lapse in the policy and on the lapsed days my husbands truck that is what we used every day to run our tile business a f350 turbo diesal truck so he can pick up materials and such and it was stolen right out of our driveway. now i know if you even are still reading this you probably are starting to think that i'm lying or exagerating the truth but actually i'm not even including the other little things that happened to us just the major ones and i can prove everything that i say. anyways they found his truck the police that didn't even act like they cared one bit when it was taken and couldn't even call us to tell us that is was found the tow truck company called and they found his truck. we got so excited got down to the tow yard in a taxi cause this all left us with out any car and when we got there they took us into the back and his truck was totaled and all of his tools that he needed were of course gone, so with no truck and owing $46,000 on the truck with no insurance and no tools my husband was forced to go to work for someone else that provided him with a company truck. But we had to file bankruptcy because too much had happened to us my husband was only making a third of what he was working for someone else and we were sunk and my poor daughters all they saw was arguing all over money the one thing that we never had a problem with before all of this. We are now trying so hard to get back on track but once you fall off as hard as we did its very hard to climb back up but we are in our old house still in a bad loan and the housing market has dropped and are now in an upside down loan because of all the equity we took out. we dont have the money still to fix the house from the tenants damage but thank god my brother gave me his old car a 1992 suburban. its so old and ugly but i cannot complain. i never thought i'd ever be driving a car that old and we some how scraped some money together to get my husband a temporary truck that actually today it overheated but we are trying to come back from a very deep hole. i don't know how we've stayed married thru all of this but we have just barely. my problem now is this upside down loan on my home in which i'm about ready just to let them foreclose on it because its costing us $4500 a month to live in a home that once cost me only $1400 dollars a month just 18 monthes ago but we have to pay this bad loan plus taxes and insurance and the loan payments that we missed thru this whole mess thru the chapter 13 repayment plan and the only reason we haven't just let the bank take it is because our kids all have their best friends that are in our same court and they would be so upset at the thought of having to move again and they have been thru hell along with us so we keep paying our montly cost that we are required to pay in order to keep our home only to go backwards everymonth on the loan and get further and further upside down on the loan. we need advise help anything please we are desperate and i don't know where to turn. we were always such a happy family that had it all and now we are all miserable trying to get back on track but what it seems like is that we are not getting to far. any advice would greatly be appriciated. we lost over $500,000 thru all of this and that number just keeps growing. help please we will trade tile work do what ever we can if someone can please help us with an answer. thank you
