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Posted by Dat Foreclosure Guy on August 02, 2006 at 13:03:34:
In Reply to: Re: Impending Foreclosure in CA posted by Jim V on August 01, 2006 at 23:34:07:
Your situation seems like a nail biter, but it really comes down to this, your equity. Your equity is your ammo right now and you must use it to your advantage. Selling your house won't leave you with alot of choices except impacted credit, no house, and approx 90k to your name. Your best bet is to get back to a positive statement, in order to do that lenders will look at your file and most likely offer a refi, with the refi the rate almost always is in the double digits. Get into an ARM and one without a PREPAYMENT penalty, after that you can discuss further financial assistance.
