Re: Running out of options....

Posted by jay on December 02, 2004 at 22:30:51:

In Reply to: Running out of options.... posted by Brad on December 02, 2004 at 00:51:22:

Brad ask your heloc loan what they will take to settle. If they say they want all their money. Go to the first and ask if they would take a short sale on the property. Negotiate with the 2nd, if they become hard nosed tell them they can take 1k or take nothing if the first forecloses. See where they stand and get back to me.

j.
: I purchased my home in April 2000 for $ 70,500. The original rate was 12.00%. In 2003, my credit was much better and I refinanced at 6%. I have had several financial disasters recently. In August 2003 I took out a HELOC woth Household Financial at 16.99%. I currently owe about $ 83,000 on the home. I beleive it to be worth around $ 70,000-80,000 at best. I am now a month behind on the payments and am unemployed. I have been living off my 401k since loosing my job (this is the third layoff in 2 years). The economy in my area is terrible, even if I find a job I doubt it will pay more than $ 9/hourly. I hate living in Omaha and really wants out from this house. Is walking away my only option ?

Follow Ups:

Name    : 
E-Mail  : 
Subject : 

Comments:
: Brad ask your heloc loan what they will take to settle.  If they say they want all their money. Go to the first and ask if they would take a short sale on the property.  Negotiate with the 2nd, if they become hard nosed tell them they can take 1k or take nothing if the first forecloses.  See where they stand and get back to me.

: j.
: : I purchased my home in April 2000 for $ 70,500. The original rate was 12.00%. In 2003, my credit was much better and I refinanced at 6%. I have had several financial disasters recently. In August 2003 I took out a HELOC woth Household Financial at 16.99%. I currently owe about $ 83,000 on the home. I beleive it to be worth around $ 70,000-80,000 at best. I am now a month behind on the payments and am unemployed. I have been living off my 401k since loosing my job (this is the third layoff in 2 years). The economy in my area is terrible, even if I find a job I doubt it will pay more than $ 9/hourly. I hate living in Omaha and really wants out from this house. Is walking away my only option ?


Optional Link URL : 
Link Title        : 

If you press "Preview Message," you are taken to a preview screen where your
message is shown to you before allowing you to post it.
Your message is not finalized until you click "Post Message".