Upside down is Foreclosure Next
Posted by Honeybee on May 28, 2008 at 12:31:06:
Home in Ca.now owe $281.000 the realtor told she could only list it at $239.000 I cannot beleive this we refi. 2 yrs. back and borrowed money for home in provements and they put us in this loan were we get the deffered int. each month .In the last 2 yrs. our house went up like $12,000 so now we owe more on it and it will adjust next yr. and were looking at a house payment around $2,000 or more .Cannot afford the house payment don't know what to do .We also purchased a home in Tulsa area and we live in it right now while renting out the other one .We have to pay alittle on the home in Cali. each month as it only rents for $1,200 and were just making the min, payment right now .Oh Boy what a mess we would have never refi. if we understood they loan we were getting into .The man told us don't worry about deferred in. your property will keep going up every yr. no worry 's .Now I find out it's $50.000 less what I can sale for .We are trying to rent out the home here in Tulsa and go back to Cali. to try and save our home there and not ruin or credit .I'm afraid if we let the Cali. home go they 'll come after or home in Tulsa or my Hubsband 401k retirement he has worked on for 30yrs. What to do any advice pleaseeeee.
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