I have been doing alot of reading on this site. It is assume.
My story ( try to keep it short)
I have lived in this home for 15 years with the exception of 1 year were I bought a bigger home , moved the family 16 miles away and rented the home old out. My wife and 2 kids didn't do well with the move. We moved back to the old house when the renters got out and it took 8 months to sell the other home. mtg pmts on 2 homes for 8 months. ouch. I finally sold for a loss of 40k plus paying realtor fees(28,600) and the prepayment penalty(12k) that was only 3 mos away from being nil and HSBC would not prorate. plus refinancing( $$closings costs) the older home to aborb the losses on the home sold. I was trying to do the right thing ( knowing what I know now I would have let that one go to forecloser)I already had another home. Now I owe 492K on a house that is probably worth 400k. My wife and I have both been laid off form the mortgage business, now making less money. I have spend all the money from my IRA and now have 12k in credit card debt. I can't afford this anymore. I have cancelled health coverage to help. a family without health coverage ( nice). I have a first of 417k at 6.875 30 yr fixed with 8 more years left of interest only. My second is with Homecomings of 75K at 14%. both of these were done on december of 2006, Alt A, No Doc. My lawyer is trying to get somewhere with the seocond, nothing yet. I have been calling
CW, told I do not qualify. I have not been late yet, bet it is about time I will be. I am currently 15 days late on both. Do I pay the first or the second or neither at this piont? HELP.. oH, I live in VA