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Posted by Angel on January 02, 2007 at 20:50:35:
Hi! My husband and I bought this home in March 2005 for $310k. We refinanced in December 2005 to pay off credit cards. Our new loan was for $346k interest-only for 2 years, then payment goes up (Dec. 07) and again in Dec. 09. The payment currently is $2416/month with tax and insurance. We can't afford it and there is no equity in the house any longer to even be able to sell to get out of it. The house is only 1081 sq. ft. and we are paying $2416! We just made a bad decision with this loan and house.
We haven't made our Jan. 1st payment....expecting the process to start on foreclosing. Question is...how long will it take before they "kick" us out? And, what happens if we do a short sale and there is a negative balance...do we owe it still? Need help. Don't know what else to do but really don't think we'll be able to keep the home unless our payment came down to no more than $1600...we are starting to look for rentals and have found some twice as big, in better neighborhoods for $1500/month...i just don't understand how we are paying so much for this house..it's ridiculous!
HELP!!!!!!
Angel
