I'm sure you know this by now, that by taking an adjustable rate mortgage isn't the markets fault. You signed for a risky loan and it came back to get you. I would suggest settling your debts and working to pay off all of your debt. Keep a $1000 around in the meantime while working the debt snowball. Once all debts are gone it should be easy to replenish your ER account. As for the future would you agree that a house that is no more than 35% of your take home pay is a decent mortgage making sure that it is a 15 year with a fixed rate. You have learned in the past that 100% of foreclosures and shortsales are from people with mortgages.
|