Posted by tralco on December 10, 2007 at 18:43:04:
I am in a subprime mortgage (reverse mortgage) and for about a year I have only been able to pay the required $600 a month on my first mortgage. Interest only payment is $1200 a month. My second mortgage is $400 a month. I currently owe $210,000 on the house but due to the severe drop of home values it is only worth about $180,000. In about a week I will be late with my first payment. There is no way I can afford to pay the entire $1600 a month. Another bad thing is my wife and I had to file Bankruptcy 4 years ago. What are my options? Follow Ups:
