Posted on: 22nd Jun, 2009 12:10 pm
Advice for my situation-
I owe 300K on the 1st loan and 70k on the 2nd loan. The current value of the house is around 200k. With a 30 yr ARM current 6.75% The house is only in my wife's name. It seems like the best thing to do would be to walk away or try and reduce the principle (which don't think they will do)? I have heard of others doing this and then later on, buying a house under my name?? Next my wife's a teacher and just got let go. We could afford to keep paying but just doesn"t make any sense too. What are the penalty's and what would you do? Thanks for all your help.
I owe 300K on the 1st loan and 70k on the 2nd loan. The current value of the house is around 200k. With a 30 yr ARM current 6.75% The house is only in my wife's name. It seems like the best thing to do would be to walk away or try and reduce the principle (which don't think they will do)? I have heard of others doing this and then later on, buying a house under my name?? Next my wife's a teacher and just got let go. We could afford to keep paying but just doesn"t make any sense too. What are the penalty's and what would you do? Thanks for all your help.
volleyyo
Welcoem to the forum
First thing you want to do is call yoru bank and see if they cna help you with the modification. The modification is desinged to help people like you, who are in financial trouble due to economy.
I woudl always suggest, do nto walk away from the house, if at all possible.
The market is already messy, you do nto want to be that oen mroe person adding to it.
I know it is difficult, but try to see what yoru bank can do, then look at the options like a short sale or a deed in lieu
Good luck and feel free to ask
Welcoem to the forum
First thing you want to do is call yoru bank and see if they cna help you with the modification. The modification is desinged to help people like you, who are in financial trouble due to economy.
I woudl always suggest, do nto walk away from the house, if at all possible.
The market is already messy, you do nto want to be that oen mroe person adding to it.
I know it is difficult, but try to see what yoru bank can do, then look at the options like a short sale or a deed in lieu
Good luck and feel free to ask