Posted by JR on July 03, 2009 at 06:16:24:

I bought a house in 2004 and lived there until 2006. Since then my husband got a job in another city and bought a house there, so we moved. The 1st house is currently being rented, however, due to the ARM and the property taxes going sky high, I am considering defaulting on the loan. I'm lucky to have a renter because the county the house is in has an 18.8% unemployment rate, however the rental payment only covers about 2/3 of the house payment, so my husband covers the 1/3. In addition, my husband and I are going to be putting the 2nd house up for sale and will be moving to another state. I really need to know what I can expect if the 1st house goes into foreclosure. I was working when I bought it, but I am a homemaker now. I hope all this makes sense.

Follow Ups:

• Re: Considering Default - CM 07:03:34 07/04/09 (3)
  • Re: Considering Default - FP 11:13:16 07/05/09 (1)
    • Re: Considering Default - JR 17:49:49 07/05/09 (0)
  • Re: Considering Default - JR 07:48:18 07/04/09 (0)
• Re: Considering Default - JR 04:16:09 07/04/09 (3)
  • Re: Considering Default - jack 06:31:02 07/05/09 (2)
    • Re: Considering Default - JR 09:06:09 07/05/09 (1)
      • Re: Considering Default - Jack 11:10:11 07/05/09 (0)
• Re: Considering Default - fp 12:12:04 07/03/09 (1)
  • Re: Considering Default - JR 12:35:19 07/03/09 (0)

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