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Walk or Not on Mortgage

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DJNTN Guest	Posted: Mon Jul 12, 2010 10:33 am    Post subject: Walk or Not on Mortgage Like 0 Dislike 0 A few years ago we sold our California home to our daughter and husband. We recently purchased a home in Tennessee. After purchasing the TN home our son-in-law lost his well paying construction job. The kids are no longer able to afford the California home. We rented the CA home for less than the monthly mortgage (best we could do) and split making up the difference. The kids cannot continue to make up the difference and we cannot pay the full ($720) deficit. What are our options? The CA home has a first and second. Like everywhere else, the home is drastically upside down. We are very concerned about the effects this is going to have on our credit and home in TN. _________________ Need help choosing the right loan? Get free consultation from community lenders/consultant
DJNTN Guest	Posted: Mon Jul 12, 2010 11:06 am    Post subject: Walk or Not on Mortgage Like 0 Dislike 0 I should mention that we are current on all payments. Attempts to get a modification with the lender have been unsuccessful because we do not live in the CA home and are not in default.
jerry Moderator Joined: 17 Oct 2005 Posts: 2708 Location: MICHIGAN 429.63 Dollars($)	Posted: Tue Jul 13, 2010 3:13 am    Post subject: Like 0 Dislike 0 Hi DJNTN, Your query has been replied to in the given page: http://www.mortgagefit.com/inprocess/about40819.html Take a look at it. I hope it'll help you. Thanks, Jerry

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