Options w/ Home Equity Loan & Mgt in MI
Posted by Tim on July 20, 2008 at 16:23:50:
We purchased our 2nd home trying to down size (and re-locate, about 5 hours from the first home) and moved into it about 2 1/2 years ago. The first house was under contract to be sold, we had a signed purchase agreement, which fell through after we closed on the 2nd home. Now we have 2 houses and only want one. We have been making all the payments, but we have almost depleted our savings and borrowed against our retirement. The first home we have a mortgage and home equity loan. The house has been on the market now for three years and with the way the market is in Detroit, I do not see us selling it any time soon and we cannot keep on paying on both houses. Also because of the market, I feel that any equity that we did have is now lost and we owe more that what it might sell for. As for potential buyers, people are not even calling to ask about the house. About 6 years ago the house was appraised at about $360,000 and we owe about $320,000 ($260,000 on the Mortgage and about 60,000 on the equity loan). My name is the only one on the Note for the mortgage and equity loan.
Any suggestion on what we can do? How would a short sale (assuming we can find a buyer) work with a home equity loan?
Follow Ups:
- Re: Options w/ Home Equity Loan & Mgt in MI - Mary Supinger 16:48:37 07/26/08
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