We own a condo (A) w/ $100k debt that we’ve been unsuccessfully trying to short sell for $40k. A house with $165k debt (B) that had a tenant in it, but now it is vacant and worth $125k maybe. $115k consumer debt. $120k student loans. Three vehicles no loans, worth $13k total. My husband was …
“Hi, I am currently going through a divorce, and have 3 small children. I have been the primary (sole) earner in the household. We have no debt except the car and mortgage and my credit score is 793. The problem is that we are upside down on the mortgage, and can’t sell the house. My …
It’s interesting that the banking community doesn’t want consumers to walk away from their homes when the house has lost so much value that the home is now worth less than the mortgage. But this would be the very same banking community that made these unrealistic and dubious loans to begin with during the high …
I apologize in advance for the short response. I am currently away on vacation with limited internet but wanted to give you an answer as soon as possible. Steve Arthur “Dear Steve, Upside down mortgage due to declining property values. Our income is down 50% due to the economy. We’ve tapped all our equity to …