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Joined: 11 Oct 2010
Posts: 1
Location: Birmingham, AL

What options do I have????
PostPosted: Tue Oct 12, 2010 3:22 pm Reply with quoteBack to top

We are trying to get some input on what the best option is for our situation.

We have a home in the Jacksonville area of Florida, we purchased the home in Dec'04. Due to the banks screw ups and economy, we have relocated and now own a new home in another state. We currently rent out the house in florida, but only for half of what the mortgage payment is. We are looking for information on what our options might be; foreclosure, short sale, etc. Also, what the pros and cons of each would be. We have gotten some relief going the the HAMP process, in that Citi lower our interest rate for 2years but then the loan reverts back to th original rate for the remainder of the loan. We know we cannot refinance due to being underwater and do not have the cash on hand to make up the difference. We also know that CITI will not work with us, unless we just stop making payments and force them to. We are not opposed to walking away and cutting our losses, but not sure of the ramifications of doing this. We have a real problem paying monthly for something that will never bring us any positive cash flow. We are simply looking to do what is best for us, because we know that CITI is not in it to help us or work with us at this point. We are current on our payments to date and while though a struggle to keep up both residences, we have hit a cross roads with what to do.

Thanks for any feed back or input offerred.
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