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Posted by Adabel on February 19, 2007 at 23:27:36:
I have two mortgage loans (80/20). I have decided to negotiate a foreberance with the primary holder (80) and am almost there. I have not yet made arrangements with the secondary mortgage. Both loans are strictly under my husbands name and do not appear on my credit history. I still have a sale date of April 10, 2007, until I return all requested documents and seal in the agreement, which I am having a tough time doing.
I am looking at what may happen if we can't pay back the balloon payment of $12,000 in the July when they want it. I say this because it is very unlikely.
To be honest, I'm scared. I have two little girls and I feel powerless that we can't make enough to get us out of this.
My first question: Eventhouhg my husband will have the foreclosure mark on his credit, will his credit gradually improve through the years? How long will the credit have foreclosure listed?
What is a short sale?
We refinanced the house at $350,00 to take out equity and pay debt down, but now it is worth $310,000? Will the lender come after us for negative equity?
We still haven't paid our property taxes. Will the county come after us?
If the house forecloses, what exactly are we liable to pay back?
If anyone can help me, please do so. I don't sleep very well at night.
My credit is very poor due to having to pay other debt down, while my husband was out of work. Renting an apartment with such poor credit is very unlikely I will be approved. I may have to see houses for rent and speak with the owner personally....
I am already renting a storage facility and putting some of our belongings in there. Is this a sign of defeat??
Adabel
