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Old 12-31-2011, 02:25 PM
 
1 posts, read 674 times
Reputation: 10

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I have a variable rate conventional loan that no one will refinance because the house appraised at 280,000 and we owe 325,000. So for now I am stuck will payments changing every year. There are no help programs for conventional loans only FHA and the bank (wells fargo) will not help. We want to stay in this house.

I have another house that I rent for $1200 a month, but the payment is $1800 and I cannot afford it anymore. Bought the house for $259,000 and valued now at $120,000. Is foreclosure or Bk better? I want to qualify to re-finance the other house at some point if the value increases. I just need to get rid of the rental with hurting my credit the least.
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Old 12-31-2011, 06:39 PM
 
Location: El Dorado Hills, CA
3,013 posts, read 3,859,386 times
Reputation: 2816
There is a Real Estate forum on CD, it might be a better place to post this question.

If you cannot continue to pay, you have the options of Short Sale, Foreclosure, and/or BK. The very best advice I can give you is to speak to a real estate lawyer to figure out which is best for you. There are long term implications for each one and they are all different.

I know someone in Roseville that specializes in this area of law. Send me a DM if you are interested. He does a flat-rate consultation for something like $200. Best money you can spend if you're facing this type of situation.
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Old 01-01-2012, 04:13 PM
 
Location: Sacramento
13,462 posts, read 16,157,933 times
Reputation: 5262
Real Estate section may be better for this question, however California has some unique laws and programs that make it also appropriate in this forum.

Since it really applies more to California than being unique to Sacramento, I'll move it there and see if we get any good poster input.
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Old 01-02-2012, 12:15 PM
 
Location: Zurich, Switzerland
25,094 posts, read 32,552,653 times
Reputation: 10656
My retired aunt knew a little advance that she wasnt going to be able to make her payments so she came to me and asked if I would loan her money to start a day care at her house and turn her garage into a rental unit. Eventually it turned out so well, that she is now more than able to make her payments and is a much better place financially.

That's just one situation and people's circumstances are different, but I think we can all think of ways our homes can actually make us income instead of just being an expense.

A home business on the side might give you the extra income you need.

Food for thought.
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