So the Journey begins....

Our family has been facing the idea of foreclsoure for the last year, but it has now come to decison time....

Our brief story......My husband is currently on Active Duty in the Air Force. In June 2006 we were sent (called a PCS in the Air Force) to Las Vegas, NV. At that time, we purchased a house for 455,000. This was well in our means and affordable. Nothing large, 4 bedroom 3 bath. It was next to impossible to even get a house at that time. We put 10% down plus an additional 50,000 to finish the house (it was new construction and needed landscape, window treatments ,etc.). Now, 3 years later, our house is worth 212,000 - we have no choice but to "walk-away" from our dream home.

This past summer we once again moved for the military. This time to Kansas. We knew our future looked dismal. Fortunately, we were able to get renters in our house; however, they were paying less then what we owed our mortage company monthly. These renters have turned out to be bad news. They have been late on payments and are now leaving our house. Now, unable to get renters, plus knowing that we can not afford the additional payment of 3,000./month, we have decided to walk-away.

We have triend everything else we know of. Over the past year, we have sent several "hardship letters" to the bank. All of which have been denied. In addition, we even "qualified" for the "loan modification program" from the government. However, after two weeks in the program we were sent a letter stating we were denied for no reason. What a joke that was:)

This month we missed our first payment. The first time we have never not paid ANYTHING on time. I am told the banks give you a 15 day grace period. So, the waiting begins until the banks contact us for our default.

I hope that I am not judged on our decision; however, I hope this blog helps those that will someday enter this process. Everyday I look for others out there to find out what we can expect but I am coming up short.

Our motto - Each day I remind myself that we our healthy (my husband and two little girls,) we aren't going to jail, and we love each other. In life, these difficult times make us appreciate that!!

And so the journey begins......