I don't want to sound overly cold hearted here but . . . When you signed a mortgage, it was promise to pay or you'd give up the property. I think the many schemes to hang on to something a person cannot afford do more damage then good.
When I was 20, buying a house was pretty much unheard of unless the youth was unusual and had a 10% -20% down-payment. I began the process of buying my first house for $12,000 and had to give a $3000 down-payment along with a 10 year mortgage at 14% interest. If I'd lost my job a year later - I would of had some equity, could of sold it, and at least broke even (or close).
You mention you were 20 when you "bought" your first home. Actually you didn't buy it. You took a mortgage and promised to pay for it eventually and THEN you'd own it. Your name may be on the deed and tax bill, but the mortgage holder is basically the owner.
Getting ejected from where you live is no fun regardless if you have a mortgage payment or rent payment - but if you did not keep up your end of the bargain - seems the bank ought to get back IF they want it.
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Today's Featured Article - Uncle Cecil's Super A Lives Again - by Mike Purcell. A week or so out of most of my childhood summers was often spent with my Uncle Cecil and Aunt Sissie in the small East Texas town of Maydelle on their 80 acre farm. Some of my fondest memories of these visits are those of learning to drive a tractor at the helm of Uncle Cecil’s 1948 Farmall Super A. Uncle Cecil was the second owner of this wonderful little tractor, but it was almost as though he had adopted an infant. The original owner was a man from Minnesota who bought her from a local dea
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