Where is the property located?[nt]

Posted by RSI on August 08, 2006 at 09:39:39:

In Reply to: Sick to stomach posted by LB on August 07, 2006 at 12:34:32:

: Almost 2 years ago, when the market was booming here, my parents and my husband and I decided to do a spec home that was supposed to be completed in 6 months. (took a year) Thinking we were knowledgeable in the subject, since I work for a lender, ends up we did everything wrong. Got a horrible builder reference and it's been a nightmare from day one. home has been on the market for over a year, been making the $4700 a month payments on a credit card (owe $40,000 now) made repairs ourselves since builder won't do anything, oh man it's a nightmare and it just needs to go away. Don't know what to do, where to turn, what our options are. I work for the lender that has the mortgage, the loan is in my parents name, and the credit card is in my mom's name. I thought about refinancing it, paying off the credit card and taking 5 months cash out to make payments and keep on the market before drastic measure of foreclosure...just don't know what to do!! It's a really tough price range, just don't think it's going to sell! We've tried about 10 different 'will pay cash for homes' numbers.... If it forecloses are my parent's other properties in jeopardy? Are they screwed on the credit card? They can't afford a lawyer, do they need one? The mortgage is $690,500 the credit card is $40,000, my husband and I are out $10,000. Home appraised for 900,000 last December and is listed at 799,000. at this point we just need out. Any advice? we are desperate. thank you

Follow Ups:

• Re: Where is the property located?[nt] - LB 14:03:44 08/08/06 (0)
• Eagle Idaho, right near Boise - LB 12:09:07 08/08/06 (0)

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: : Almost 2 years ago, when the market was booming here, my parents and my husband and I decided to do a spec home that was supposed to be completed in 6 months. (took a year) Thinking we were knowledgeable in the subject, since I work for a lender, ends up we did everything wrong. Got a horrible builder reference and it's been a nightmare from day one. home has been on the market for over a year, been making the $4700 a month payments on a credit card (owe $40,000 now) made repairs ourselves since builder won't do anything, oh man it's a nightmare and it just needs to go away. Don't know what to do, where to turn, what our options are. I work for the lender that has the mortgage, the loan is in my parents name, and the credit card is in my mom's name. I thought about refinancing it, paying off the credit card and taking 5 months cash out to make payments and keep on the market before drastic measure of foreclosure...just don't know what to do!! It's a really tough price range, just don't think it's going to sell! We've tried about 10 different 'will pay cash for homes' numbers.... If it forecloses are my parent's other properties in jeopardy?  Are they screwed on the credit card? They can't afford a lawyer, do they need one? The mortgage is $690,500 the credit card is $40,000, my husband and I are out $10,000.  Home appraised for 900,000 last December and is listed at 799,000. at this point we just need out. Any advice? we are desperate. thank you



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