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gmakerley1 · Posted: Thu Aug 16, 2007 6:41 am Post subject: unfortunate situation

Kim, a few posts ago, someone suggested you continue to make payments and try to ride out the storm. If this will work for you, this is the best advice I have seen. Foreclosure, bankruptcy or deed in lieu are all worst-case scenarios that will not help you much, other than get you out from under the current situation. If that is your solution, be aware of all that it will do to you for the future.
Another suggestion was taking a personal loan to paydown the mortgage and then refinance. I don't know what world this person is from, but the likelihood of getting a personal loan for that purpose is pretty slim. Not only that, but with all the changes in the marketplace, obtaining a new 100% ltv loan to refinance is so unlikely as to be nigh impossible.
If you have no real solution other than to lose the home, so be it. In the meantime, as suggested, save as much money as you are able in the interim.
I wish I had a better idea for you, but truly there are no easy answers in this situation.

evolovik26 · Posted: Thu Aug 16, 2007 8:05 pm Post subject:

it was me who posted thouse and they were choices in her situation not a list of things to do
its either or and i never said the choices were good but whatever you choose Kim stick with it and make sure that you can go through with it b4 you commit
For example if you planning on continue making payments make sure you can, otherwise you will arrive at foreclosure in much worse of a financial situation. Good luck and dont feel guilt just do what you feel is right and rational for you and your family.

larry · Joined: 27 Jun 2007 Posts: 3322 474.67 Dollars($)

Hi Kim,

At present, the US real estate market is at a stake. The lenders are tightening the mortgage market because of the sub prime loans. I agree with Gmakerley as obtaining a 100% LTV loan in this market situation seems to be quite impossible for Kim. And foreclosure, bankruptcy or deed in lieu are all going to affect your credit score negatively. So Kim, it will be better if you go for a short sale.

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What should I do!!