We are upside down on our loan
WE PAID $120,000 10 YEARS AGO- WE HAVE ARM LOAN AND NOW OW $125,000
(THE HOUSE IS DEPRECIATING DUE TO SEVERAL MITIGATING FACTORS)
IT APPRAISED FOR $110,000
Last year in October it was $750 @ 7.15
This october- today- 2007 it is $1173 @ 104 with a cap of almost 15! It raises ever 6 months
DO I GO BANKRUPT?
SHORT SALE?
FORECLOSURE?
WHICH IS BETTER ?
WHICH IS WORSE?