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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Looking For Advice In Nevada Posted by Mitchell on April 22, 2008 at 11:25 AM Hi and thanks for taking time to look at my situation. Me and my fiance of 6 years foolishly bought a townhouse in Aug of 2006. We purchased the home for 250k with a first only (no second. The interest only first is fix for 3 years then goes adjustable and there is a 3 year pre payment penalty. That being said, the home is worth 225k now and the max a lender will lend us to refi is 230k. Assuming our homes value isn't going to increase 25k in a year and a half (I believe they will continue dropping) then come Aug 2009 we won't be able to refi and our rate will adjust in which case we will loose the home anyways. I am only 23 and she is 22, we both work for Title Companies and live paycheck to paycheck with no savings to our names. She also goes to college full time and I work 2 jobs 7 days a week to make payments, so we are already maxed out and on thin ice. Her Title job is fairly secure and mine not so much, my company is on the verge of closing its doors unless we get bought out. I can say with good confidence that no matter how much of an asset I can be to another title company that finding a replacement job is highly unlikely. To add one more little piece to this puzzle, my fiance found out about 2 months ago that in 1 year she will no longer be able to attend school at night and will have to go during the day in order to attend Dentistry school and not loose her scholarship. All this being said, we have pretty much come to the conclusion that loosing our home is inevitable and we should get this behind us asap and stop paying 2000 a month (all interest) for something we are going to loose a year and a half down the road. We've been avoiding confronting our situation for a while now just because it's hard for us to face it. We both have 750+ credit scores and have never missed a single payment on anything we own. I've been reading this site religiously and have gotten allot of great info so I know generally what we will be facing but I am now looking for any extra advice or Nevada specific knowledge that anyone has to offer. We were/are young and made a stupid decision rushing in to buy a house. Thanks In advanced. P.S. Sorry for the long story (ha) but as I'm sure most of you know these situations are not simple and not easy, so a two sentence explanation doesn't seem justified. Follow Ups: Re: Looking For Advice In Nevada Jase 8:23 PM, 04/22/08 (0) Post a Followup: Name : E-Mail : Subject : Comments: : Hi and thanks for taking time to look at my situation. : Me and my fiance of 6 years foolishly bought a townhouse in Aug of 2006. We purchased the home for 250k with a first only (no second. The interest only first is fix for 3 years then goes adjustable and there is a 3 year pre payment penalty. That being said, the home is worth 225k now and the max a lender will lend us to refi is 230k. Assuming our homes value isn't going to increase 25k in a year and a half (I believe they will continue dropping) then come Aug 2009 we won't be able to refi and our rate will adjust in which case we will loose the home anyways. I am only 23 and she is 22, we both work for Title Companies and live paycheck to paycheck with no savings to our names. She also goes to college full time and I work 2 jobs 7 days a week to make payments, so we are already maxed out and on thin ice. Her Title job is fairly secure and mine not so much, my company is on the verge of closing its doors unless we get bought out. I can say with good confidence that no matter how much of an asset I can be to another title company that finding a replacement job is highly unlikely. To add one more little piece to this puzzle, my fiance found out about 2 months ago that in 1 year she will no longer be able to attend school at night and will have to go during the day in order to attend Dentistry school and not loose her scholarship. : All this being said, we have pretty much come to the conclusion that loosing our home is inevitable and we should get this behind us asap and stop paying 2000 a month (all interest) for something we are going to loose a year and a half down the road. We've been avoiding confronting our situation for a while now just because it's hard for us to face it. We both have 750+ credit scores and have never missed a single payment on anything we own. : I've been reading this site religiously and have gotten allot of great info so I know generally what we will be facing but I am now looking for any extra advice or Nevada specific knowledge that anyone has to offer. : : We were/are young and made a stupid decision rushing in to buy a house. : Thanks In advanced. : P.S. : Sorry for the long story (ha) but as I'm sure most of you know these situations are not simple and not easy, so a two sentence explanation doesn't seem justified. [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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