The last mortgage company we refinance from, Taylor Bean and Whitaker was supposed to be a fixed rate. We paid 880 a month and now six months later they have raised our payment to 1,060 a month. Every thing in this house is falling apart. The basement room is leaking and smells of bad mold. The wiring is bad two of our ceiling lights do not work. The neighbor kids our constantly 24/7 on our doorbell to play with our kids even though we tell them later. Our neighbors are nosy and call the cops on every little thing that goes on in the neighborhood trying to involve us with it. We were wanting to know if we just walk away from it and let it for close is there a possibility they could garnish our wages?Thanks for your ! We already know this will ruin our credit!

You did not read ur mortgage documents properly, if u thought u had a fixed rate & the rate is now being raised. You might want to check to see if the payment increase is based upon an increased escrow for taxes & insurance, since six months is a VERY short time frame in which an interest rate would be increased.

l am suspecting that u thought owning a house would be like renting a house. That is not the way it is. Once u buy, YOU r responsible for all the maintenance & upkeep.

Yes, the lender MIGHT garnish ur wages. It is difficult to tell, given the wide assortment of lenders in the market. However, lenders r falling on very tough times, & tend to look to recover their money in any way possible.

To me, it is apparent that u were NOT ready to be homeowners. Do ur best to take care of this mortgage with ur lender, & then go back to renting.

Let me see if l understand. You purchased a house that u could afford, u then refin twice to pull money out & now it is worth less.

In addition, u did not understand the loan terms. However, u have been thru the process at least 3 times.

l would suggest the following:

1. Take some proud in the house & fix it. (the wiring could just be a bad switch)

2. To a kid, later is later. Stand up & tell the kids NO.

3. There is more to the neighborhood stories. People just do not call the cops.

4. Get a part time job to cover the extra 200 a month.

If u walk away, u will owe the bank for the money that u owe. & the IRS will tax u on this loss.