[joyceann]

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?

[RichardBondMan]

Who is your lender? One of the leading mortgage lenders has just agreed to adjust ARM's to help prevent foreclosures for over what they said was for 80,000 of their borrowers. This might offer you some relief?

[Fr_Chuck]

Short sale the best since it has little effect, but for bankruptcy or foreclosure, it can depend on all your other debts, late pays and so on

[joyceann]

Countrywide. They said they would refinance if the house could appraise for $135,000. It won't

I worry about my husbands health in this- he is stressed to the max. I don't know what to do I keep getting dueling advice

[swapwap]

I would call them and tell them of your situation and see what they have to offer. If they know your going to default, perhaps they will listen to reason. After all they are the ones who cause all this mess in the first place with their sub-prime lending tactics.

[joyceann]

I did for over a year. They said they will refinance if house can appraise at $135.00. IT CAN'T

THEY WON'T

Thanks for caring

[swapwap]

hum. You know appraisals are often all in the eye of the beholder. I have personally received two different appraisals done at the same time, without either of the company's knowing what I was doing and I get a 5% different in value. Might not sound like a lot but when your talking 300k, it was. You don't know what you don't know. Nonetheless, there are lenders out there that will finance for more that 100% of the value. These banks today have a vested interest n working things out with you. The are losing money hand over fist right now. I shutter to think they would not work something out with you. Perhaps you haven't spoken to the right person or department yet.

[joyceann]

Thanks for taking the time to write
Countrywide supplies its own appraiser ONLY

How curious right?
Besides as embarrassed as I am to say I have roof leakage- no money to fix and it is growing. I AM TOUGH OUT OF LUCK

I just need to know which is going to hurt us worse in the long rin
BANKRUPTCY
SHORT SALE
FORECLOSURE


I must choose one. Mortgage is due on the 1st

[swapwap]

Just my opinion/ You need to evaluate your entire financial situation in order to make that decision. Bankruptcy can be done several different ways, possibly allowing you to keep your home if you want it. Foreclosure puts u out on the street. Selling short keep up in debt, even worse than you are now, if it were even possible to sell, then also puts u out on the street.

You could however go set up a place to rent from while your credit is good(assumed), have a big yard sale, move your things into the place you are moving to, then declare bankruptcy or allow foreclosure. The answer if really a total financial answer rather than just a which is worse.

[joyceann]

Wow-


But tonight I am going to a halloween party

Thanks all!

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