Re: foreclosure or Bankruptcy

Posted by BRENT MILLER on June 03, 2008 at 12:18:42:

In Reply to: Re: foreclosure or Bankruptcy posted by NJD on May 27, 2008 at 06:53:28:

WHAT A CATCH22 MANY OF US ARE IN? WE BOUGHT PROPERTIES TO GROW OUR FINANCES AND HERE WE ARE LEFT UP THE CREEK.
WE'RE IN THE MILWAUKEE AREA AND VALUES HAVE DROPPED SO QUICKLY EVEN IF WE HAD BETTER CREDIT AND PAYMENT HISTORY, BIG IF, WE STILL ARE BEING ASKED TO PAY A MUCH HIGHER INTEREST FOR A PROPERTY THAT IS LOSING VALUE AS I TYPE. I OWN TWO PROPERTIES AND USE ONE AS A BUSINESS ADDRESS IN THE LOWER UNIT WITH A TENANT. THE OTHER AS PRIMARY WITH A ROOMATE. THE MORTGAGE IS WITH COUNTRYWIDE AND SO FAR THEY WON'T CHANGE ANY OF THE EXTRAORDINARY TERMS WE VERY IGNORANTLY AGREED TO WHEN SIGNING A REFI TO PURCHASE NEW PROPERTY. WE HAVE A 50% LOAN TO VALUE, BUT IT'S EVER FALLING. MAYBE SOME AGENCIES WILL BE HELPFUL IN THE NEAR FUTURE. GOOD LUCK!

Follow Ups:


Name    : 
E-Mail  : 
Subject : 

Comments:

 

      The "Reply" function is disabled for older messages.
Please visit the Foreclosure Discussion Board for current discussions.