 jen_larkin2004
Joined: 15 May 2009
Posts: 1
1.83 Dollars($)
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 Posted: Fri May 15, 2009 1:48 pm Post subject: Not sure what to do... |
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We bought our house in Elk Grove CA in 2005 for $400K. Got an 80/20 loan, first was 30 year fixed at a decent rate, second was adjustable and started adjusting right away. It went from 500 a month to over 1000 pretty quickly - we refinanced out of it at 6 months (May 06) into a 15 year balloon at 8.45%. Not the best, but at least we were able to get a fixed rate.
Our house is now worth about 200K and we are still struggling to make our monthly payments. We have little to no incentive to keep paying $3000 a month for a house we could rent for $1500 or less, but we can't seem to get anywhere with a solution. We want a loan mod but not sure if we'll qualify - no one seems to be able to tell us yes or no. We thought about walking away, and were advised to do so by several people we talked to, but then we would be responsible for the second 90K loan we refinanced. Can't do a short sale because of the second loan. No deed in lieu because of the second loan. We are drowning in debt. Help! |
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