Posted on: 12th Jun, 2010 07:29 am
My house is upside down and I have a second on it. I am going to lose one retirement income in 12 months which will give me a negative cash flow. My girfriend is a co-signer on my 1st and 2nd. How can we get out of these costs without lossing all of our personal assets?
Primary loan Wells Fargo 175,000 market value 98,000.
Second is 68,000 with a baloon payment in less than 10 years.
We are both retired. We need some advice
Primary loan Wells Fargo 175,000 market value 98,000.
Second is 68,000 with a baloon payment in less than 10 years.
We are both retired. We need some advice
walking away from your home is worst possible thing to do, that is the surest way to guarantee the property will eventually be auctioned off. at least try to consider other options like a deed in lieu of foreclosure, short sale, a repayment plan, or a loan modification if you have not already done so. the government is even giving you money to do short sale, etc. millions are fixing their mortgage problems that way nationwide.