Posted on: 12th Jun, 2009 02:41 pm
my husband and i bought a fixer in carmichael, ca about 5 years ago. we sold another house and thought the equity would pay to make repairs to the fixer. we thought we would live temporarily in an apartment. well, 5 years later, we are out of money. we are paying a first and second mortgage (owe about 170,000) on this home. the home is probably worth what we owe; but fixed up it would probably be worth 350,000 or so. we need to put about 70,000 more into it to get it finished. here's the problem--when the economy went bad, i could not pay my credit card bills and now my credit is trashed. the cards are only in my name, so my husband's credit is still very good (780). the stress is heading us for divorce. any ideas anyone?
Carol, what is the home worth now? as is
I would say maybe 250,000 or so? Just a guess tho.
