buying a cheaper home before foreclosure on first home
Posted by josh on September 28, 2007 at 19:30:56:
I live in new jersey and bought a home 2 years ago with world savings. It was a mortgage based on the cosi index.The rates immediately started going up and I went negative right away. My payment is now 4000.00a month interest only. My income has dropped dramatically and I am unable to afford this payment for much longer as my taxes are over 10500 annually.I have a wife and 4 kids so I have been proactive and bought a smaller cheaper house in florida. I have gained employment there and AM closing in a week. My house here is for sale at below market value and I have had no luck. I am leaving the home in 2 weeks and my realtor will take care of all showings. I have enlisted the help of a short sale company with no out of pocket expense to me as they make there money only when the house is sold and closed.I can only pray the house sells soon as next month I will fall behind on the old house.I owe 412000 with world savings and 75000 to volkswagon bank as the junior lein holder.
Follow Ups:
- Re: buying a cheaper home before foreclosure on first home - k cravens 07:36:41 10/02/07
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