Thoughts on this

Posted by drew on April 30, 2008 at 08:19:57:

So i have a home that 2 yrs ago was worth $230k this is about what i owe on it now and i was barely able to get an ARM loan 2 yrs ago for that amount. Now the ARM is coming up and because of the economy i now find that the home's value is now down to $130k. There will be no hope at refinancing when it comes due. The scary thing is that due to a lay-off 3 yrs ago i was forced into filling bankruptcy....stupid me i kept the house. But things were finally starting to look up for me until this latest news. NOW WHAT? i can try and short sale the house but we use OPTION ONE mortgage and they are known to reject even decent offers. Or let the house go....but my question is am i at a hugh risk on getting my wages garnished because no longer have the safety net of forclosure?

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