 russells4him
Joined: 22 Oct 2010
Posts: 1
1.47 Dollars($)
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Posted: Fri Oct 22, 2010 3:22 pm Post subject: What to do?
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Our home: Only owners, it's 14 yrs old, Michigan. At peak we had 50% equity in our home, it was worth $457,000. Realtor now says we will get under $200,000 for it. It's a 5 BR, 3100 sq ft. brick ranch on 6 acres in Prime Rural Sub.Our Loan: We owe $228,000 on first mortgage, $55,000 on 2nd mortgage. Our situation: 2.5 years ago husband was laid off. When he was laid off he was off 4 months, we used up savings & had to use credit to pay all the bills, food, gas, etc. Got a job, two weeks later was transferred 4 states. We used credit card to buy a tiny junk house there, a real fixer upper: but cheaper than rent. 2.5 years have gone by and we can't keep two houses. Have tried for jobs in home state, but none available. Can't sell it though. Family is tired of living apart. We have ten children (all ours), three in local college in MI. Tried to talk to Citimortgage (1st) about loan mod. Just keep passing us to short sale. Haven't tried talking to Bank of America (2nd). Heard they are awful about these things. Is short sale the answer? What about Deed in Lieu? How does both affect tax (1099)? We now have 55K in credit card as well for food, gas, electric, etc. This is not what we planned  |
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jameshogg
Joined: 20 Dec 2005
Posts: 10477
Location: Nevada
990.06 Dollars($)
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