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 IN MORT TROUBLE - NEED ADVICE View next topic
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jtmarti1
Dud?


Joined: 28 Mar 2010
Posts: 2

IN MORT TROUBLE - NEED ADVICE
PostPosted: Sun Mar 28, 2010 8:20 pm Reply with quoteBack to top

New to the message boards.

Here is my situation. I have 2 mortgages totaling $500k - I owe $250k on my first & owe $250k 2nd HELOC. The house was worth $600k at one point & is now worth $375k. I am under water $125k & I am thinking about walking away.

Most of the HELOC was to refinance my original 2nd mortgage & to make home upgrades such as pool/landscape. I also pulled out some of the HELOC for personal expenses.

Do I have any options?

Thanks in advance for any information you can provide.

JT
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Robin
Sentinel


Joined: 30 Aug 2007
Posts: 3416
Location: Loveland, OH

Re: IN MORT TROUBLE - NEED ADVICE
PostPosted: Mon Mar 29, 2010 1:52 pm Reply with quoteBack to top

Jtmarti1... hope you don't mind. Your post was moved as you're more likely to get a helpful response from the folks participating in this subforum.

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"A signature is a little text that can be added at the bottom of your posts." Folks who know ME know... I can't be limited to "a little" text. Twisted Evil or Snarky
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I_Like_2Mortgage
Dyn-o-mite!


Joined: 25 Feb 2009
Posts: 276
Location: Tenney, MN

Re: IN MORT TROUBLE - NEED ADVICE
PostPosted: Mon Mar 29, 2010 2:51 pm Reply with quoteBack to top

What State are you in? I ask because I believe some States will recover quicker than others...
Is your Employment 'nationwide'? Get a good relo package?
Kids in school? Relo is easier if no kids or kids out of school.
Any other Family issues that require you to stay local? Parent in a nursing home?

If I had neg equity in my house, could get work elsewhere, no kids in school and bad enough credit I'd walk in a NY second.
Why not start over somewhere else and chalk the whole experience up to a learning opportunity.

What is the interest rate on the 1st and 2nd? If good: Why refi?

Good luck!

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jtmarti1
Dud?


Joined: 28 Mar 2010
Posts: 2

Re: IN MORT TROUBLE - NEED ADVICE
PostPosted: Mon Mar 29, 2010 3:33 pm Reply with quoteBack to top

Thanks Robin for moving my post to the right forum. I am new to this site & still learning:).

I_Like_2Mortgage - I live in Arizona. Yes, my employment is nationwide & i have considered moving to CA in the next ~ 2 years to work. I don't have any family issues.

Are you saying that whether I should walk depends on the state I live in more so vs. the bank that I owe my 2nd HELOC to? I was thinking of walking away & just renting in Arizona. Is this not advised? Will the bank come after my assests which today is only 401k.

Thanks again.

John
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frankensense
Dyn-o-mite!


Joined: 11 Sep 2009
Posts: 204

Re: IN MORT TROUBLE - NEED ADVICE
PostPosted: Mon Mar 29, 2010 9:43 pm Reply with quoteBack to top

Don't ever just walk. Let your lenders know you are selling your house. contact a realtor that knows short sales. Then list your house. Once an offer is made your realtor will negotiate with your lenders. Starting next week, there is a new short sale program subsidized by the fed. HAFA is the acronym, google it.
p.s. you're not as upside down as you think. Many more are in much worse. You have a good chance to walk away clean.
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syntheticheroin
Nitroglycerin


Joined: 05 Mar 2007
Posts: 646
Location: Lake of the Ozarks

Re: IN MORT TROUBLE - NEED ADVICE
PostPosted: Tue Mar 30, 2010 7:34 pm Reply with quoteBack to top

lawyer up and fightem' to the trees.

look at your deed of trust .. MERS ??

google MERS PENDING LITIGATION.

hold onto your hat.

MAKE IT A GREAT DAY.

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Older Guy
Dud?


Joined: 07 Feb 2008
Posts: 8

Re: IN MORT TROUBLE - NEED ADVICE
PostPosted: Fri Apr 02, 2010 3:51 pm Reply with quoteBack to top

I just saw this and I am recommending mortgage litigation to anyone who is upside ...we can delay the sale while the law firm litigates (I have a firm recommendation that specializes in this)....that's the only way the balances seem to get reduced.....pm me for info if you wish...

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mtgbiz
Cherry Bomb


Joined: 02 Nov 2007
Posts: 116

help you :)
PostPosted: Wed May 19, 2010 7:40 am Reply with quoteBack to top

jtmarti1 wrote:
New to the message boards.

Well it's like this try to mod the first and make the 2nd hold out as long as possible. then the 2nd you can modify or maybe just charge off. you sound like your from san bernandino or Riverside county.??? Hope all works out

Here is my situation. I have 2 mortgages totaling $500k - I owe $250k on my first & owe $250k 2nd HELOC. The house was worth $600k at one point & is now worth $375k. I am under water $125k & I am thinking about walking away.

Most of the HELOC was to refinance my original 2nd mortgage & to make home upgrades such as pool/landscape. I also pulled out some of the HELOC for personal expenses.

Do I have any options?

Thanks in advance for any information you can provide.

JT

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SoCalGal
Dyn-o-mite!


Joined: 01 Jul 2008
Posts: 390

Loan Mod Man
PostPosted: Sat May 22, 2010 9:26 am Reply with quoteBack to top

I've been referring people to this guy and he has achieved fabulous results. He doesn't charge anything unless and until he secures a loan modification to which you agree.

You can also do-it-yourself and he'll guide you through it.

If you want Dan to do the work...go here.

http://www.homeretentiongroup.com/About_Us.html

If you want to DIY...go here.

http://loanmodman.com/forum/index.php
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