Hi there. I have a house in California that I don't want to lose. I also have a condo that I used as income property in order to buy our house. The rate is about to increase, and I won't be able to afford the condo payments anymore. The condo is vacant (my tenant moved out and the rent rate won't match the new mortgage rate) and it's on the market, but not selling. In two months, the rate goes up to high for me to afford.
If I have to foreclose in two months, if it still hasn't sold (have dropped the price so far that I'm uspide-down, and no equity in it), then can they take my house, too? All payments/taxes on both properties are current right now and always have been.
I don't mind foreclosing if I have to, and I don't care about the bad credit that much (although I really do), because what matters is keeping our house, not the condo. I'm running scared. Any advice for me?
I appreciate any words of advice. Thanks!
2007-08-24
03:00:36
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3 answers
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asked by
RH
1