Open Question: What should I do in my mortgage situation?

I have a mortgage that is about to increase 1800 a month. My first loan balance is 360000 and I have a second mortgage for 113000. I am figuring out ahead of time that when the increase happens it is unlikely that I can keep up with my payments. I have already called my lender about loan modifications but they refuse to do it. I have never had a 30 day late mortgage payment ever. My payments will be roughly 4300 a month. What are the repocussions if I purchase a 2nd home before the first house is even late and then let the 1st house go to short sale or foreclosure and keep the house with the lower mortgage payment I can afford.? I just want to have real estate before my credit is shot for 7 years. Any advice? My house is worth less then I owe just to be clear probably at least 60,000 less. Thanks, more…

Which Presidential Candidate would you vote for in the General Election; between Senator Obama and Senator McCain? Please provide a reason, and not just a name? more…

We live in California.. and we are married. The home was purchased in my husbands name only. I did not sign the loan docs… I did not sign the the deed of trust. After a few months, we recorded a deed of trust that added me. This was not given to the lender or the title company, we just recorded it. This house is going into foreclosure. Do I have ANY legal responsibility? Should I record a new deed of trust reversing whatwas filed previously? more…

He was in rehab a few years ago for drinking. He has now started again and getting to hard to handle. He won't leave!! We have two children together and this is not a good situation. The house is in my name and I don't know what to do. I don't have the money to find another place for me in the kids while he lives in the house. I don't want to let the house go into foreclosure because I can't pay for the house and another place. How do I get him to leave? more…

Tags: foreclosure, home equity loan