2nd property to foreclosure??? Please advise

Posted by Stress Yourself on September 18, 2007 at 18:03:36:

This scenario is a bit complicated, so I appreciate even more to those who reads this message and gives me suggestions.

In 2005, we first refinanced the condo we were leaving in and bought a house by putting about 100k down we got from condo refi. Shortly following that, we rented out the condo. That's when things started to take a wrong turn, only now I realize that. There was also a refi on the house after that which I never understood why. Life was OK, then I thought and didn't bother to question. bzzztz! WRONG!!!

Currently we owe about $200k to first and $135 to second on condo and as the rates go up next month, I will no longer be able to make the payments, even with incoming rent money. Rent is $1375 and my payments next month will be $2900. The value of condo dropped down to about $260-270k. This makes the diffence of what I owe to lender and the actual value of the property too great for me to handle as the monthly payments. One foreclosure agent told me if I refinanced the condo I will have pay the difference from my pocket even if it goes for foreclosure. Is that true?

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