Re: buying another before foreclosing?

Posted by steve on February 27, 2008 at 18:43:47:

In Reply to: Re: buying another before foreclosing? posted by Julio Martinez-Clark on February 27, 2008 at 10:39:01:

Will I am not an investor. I am not just buying a home for the meaning of investing. I own a business here in this town, and my current payment is 2800 which will jump to 4000 in a year. The house I put in an offer at is 190k, with payment of 1160 fix for 30 years. Much more affordable. And... as I understand, the bank cant come after your home/asset right? I am in CA and the loan I currently have is purchase money only. No refi.

Emotionally, I want to stick it out and keep this home. I love this home, wish there was other options for me to keep it. Rationally, and thinking about my family, I decided that I am going to let it go. Month by month, we struggle to pay 2800 monthly, only to have our balance grow larger. I made a mistake in this purchase, but I have learn. Dont buy assuming your home value would only go up. I am now 26.

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