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 - The Fordson F Ignition System - by Anthony West. A fellow restorer contacted me earlier this year asking for some help and advice on a model F that he was restoring. He had over a period of months spent a fair amount of his hard earned cash on replacement parts for the old "trembler" ignition. Sadly though all his efforts seemed to be a waste of time and money as he still couldn''t get the temperamental old thing to run correctly!! If i said that this was a little frustrating for him that would be "conservative" in fact the problem had reduce
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