Foreclosure & HOA payments

Posted by Heather on June 26, 2007 at 16:21:15:

Our mortgage payment has just gone up by $500.00. Even though both my husband and I work, there is no way that we can afford the added cost. Between the 1st Mortgage ($196,000) and the 2nd ($23,000) we owe $219,000. We tried to refinance when we received the notice that our mortgage was going up to 10.25% and discovered that our property, valued at $229,000 two years ago has now dropped to $205,000. We have never had a late payment on either the first or the second and now it looks as though we will end up losing our home. Besides the blow to our credit, we are almost looking forward to letting the place go considering it is now in negative equity and the HOA is becoming almost unbearable with their new rules every month. My question is since I am not making my 1st mortgage payment, should I stop making my 2nd mortgage and my HOA payments? Thank you for your help.

Follow Ups:


Post a Followup

Name    : 
E-Mail  : 
Subject : 

Comments: