Considering foreclosure on my property


Posted by Carla on September 21, 2007 at 12:39:29:

I am one of the many in a bad position regarding my home. I have just discovered that I am the victim of a predatory loan. Trusting my real estate agent and mortgage people was the most naive thing I have ever done and now I'm in a bind.
I am in not yet in default, or behind in my payments, however,it has come to my attention that no matter what I do, I am screwed. My loan is so bad, that the best idea is to walk away, somehow. ( on a 331k home, I put down 17k--a year later I owe 332k and it is rising fast--Neg Am Loan that was not explained to me properly)

My friends talk about short sale, but another friend did that and now the bank is coming after her for the balance of the loan. I'm stuck. bankruptcy? foreclosure? Short sale? I've worked so hard on my credit and now the thought of ruining it becasue of predatory, greedy mortgage brokers is killing me.

I need some advice. what is the best route? is a foreclosure more harsh ont he credit than bankruptcy? can the bank really come after you if you do a short sale?


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