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Re: Lost over 50% equity and have an ARM loan, foreclose?
Posted by Consultant1 on July 28, 2008 at 17:19:59:
In Reply to: Lost over 50% equity and have an ARM loan, foreclose?
Posted by Kim on July 24, 2008 at 13:32:05:
Continue to make your payments, wait for the market to bottom out, and buy on of those same homes for a fraction of what you paid. Or look around for a distressed property and buy via a short sale.
Concerning your current property, you obviously cannot sell it at this time, so eventually you have to come to the realization that it may be best to let the bank take it back. But only after you have secured the other residence I mentioned before. This will definitely wreak havoc on your credit but at least will have another house that you can afford and after 10 years the foreclosure is supposed to be removed.
I've heard some economists say that this housing market will collapse and never go back to the level it was during the housing boom.
I hope this helps! Good luck!
consultant1@homeownersunite.com
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