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Posted by Jamie on February 12, 2006 at 10:48:55:
I will try and make this short. My husband and his ex wife signed on with hsbc 6 years ago, since then they have refinanced 3 times. This home is only appraised at 140,000 and payoff is around 175,000. Our monthly payments are 1650.00 a month and that is all interest. in the 3.5 years I have been involved the principal has only increased due to hardship filed last year (deferred interest). Our payments don't include homeowners ins. or taxes. We just can't afford it. We feel like we are paying high rent. We are also deliquent on our taxes and are facing foreclosure on them by 2-28-06. So my question is do we just walk away and move into a rental home and file for bk. We are not sure. I'm afraid that even if we pay the property taxes it will only buy us a few more months because the mortgage is in foreclosure review anyways because we have not been able to pay the full monthly amount. So we don't know what to do. Any suggestions?
