What to do?

Posted by Paul Earley on December 29, 2007 at 20:22:31:

I am not behind on my payments as of today-no late payments either. The equity in my home is gone. I have lost a significant amount of my business this year(R/E Appraiser). I can not afford the home. I am going through what little money I have now. I can not keep taking money out to pay my loan with 0% CC's. My question is this: my loan is a first is $190,000 and a 2nd 10 year arm at 35,000 for a total of $225,000. with r/e costs, I do not think I can sell home for what I owe. Appraiser-know the market. I have 800 credit score, I just can not keep putting money into a depreceaiting asset that I can not afford. Home is not currently listed. Does the home need to be listed for certain amount of time before bank considers short sale? With 2 mortgages can I request a deed in leiu? I have recently finished the basement, hardwood floors, new a/c and new copper plumbing (25,000) House is in good condition. I am located in Michigan. What do I do?

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