PrettyWifey asked:


My friendand her husband bought a house last year and the monthly payment was high but they were told to refinance it to a lower payment in a year when they built equity.

Well, they never built equity and their savings is gone because they used money from savings every month to make their house payment even though they are both working.

So next month and every month after they will be short $600/month on their house payment. They cut back on their spending, but they still can’t make the high payments.

What options do they have?

Sell it? Rent it out? Can they refinance for a 40 year loan?

Any ideas? If they sell it then they will take a loss since the market slowed down in their city.

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patty p asked:


I have a cheap apartment i can live in and rent. but if i sell i may not be able to get bk on the ladder. I dont know weather to tuff it out or just give up on my house. also the lodgers can be quite rude and disrespectful toward the house and paying on time.
I did think about an agency but they wouldnt achieve enough rent to pay my mortgage.

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SJP asked:


I filled out one of the calculators and it says I cannot afford a mortgage payment more than 57,0000 or 300 dollars a month, which isn’t true as my rent is $860. So how true are the how much house you can afford calculators true.

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