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Open Question: I can not afford 2 pay my mortgage and i also have a second!?This is a discussion on Open Question: I can not afford 2 pay my mortgage and i also have a second!? within the Mortgage Refinancing forums, part of the Mortgage and Loans Forum category; I got a subprime loan (Which I barely found out with all the mortgage crisis goin on. Thanks CNN). I ... |
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07-19-2008, 03:59 PM
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Open Question: I can not afford 2 pay my mortgage and i also have a second!?
I got a subprime loan (Which I barely found out with all the mortgage crisis goin on. Thanks CNN). I also have a second mortgage, which is seperate from the first. I refinanced sometime last year and It did not include my property insurance. When I found out, the mortgage Co. (Countrywide) took my remaining escrow balance and put it towards my taxes. Raising my 1st mortgage $400.00. A month. Also in my area the housing prices dropped. My loan balance (1st and 2nd combined) $369.000, My house is now only worth $255.000. Now my work is slow! Ouch! I am currently current with my payment for this month. Now there is now way i will be able to keep up with my current payment. $2300.00 a month. I am planning to let my house go into foreclosure. Now my question(s) is, What is the best way to go about this and what will happen to my second mortgage(will they or can they garnish my wages?). Help!
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