Loans, Debt & Credit - View Single Post - 3 Loans w/ AHMSI primary with a $500k neg equity

dcurtis7418 · 11-28-2008, 04:12 PM

Here goes... I'm a new member and can't express how valuable these post have been for me. Thank you all so much for taking your time to post. I have 3 loans with AHMSI.. Primary and 2 rentals. I did all three loans at the same time. With an adjustable gross income of 135,000 I qualified for 144,000 of annual mortgage payments (yeah right). Our primary home was purchased for 1,000,000 in 2005... Our county at one point was #1 in the nation for depreciating home values. According to Zillow our home is worth about $500K..as well as our assessors office who have been so kind to have lowered our taxes in half. I have been using credit to pay all these mortages.. We never intended to keep our rentals over 2 years and now they are adjusting. We have been told by several people that we should have never qualified for all 3 loans especially with the same lender.. we did everything by the book.. it looks like the lender used our gross income instead of our net.. We had an audit done on all three properties and each one has several violations...The lender is responsible I believe after finding out how we qualified as well as these violations. However this is also a hardship for us; as credit is how we are keeping afloat. Do I travel down the hardship road or violation road??? I dont think in 15 years we can overcome a 500k upside down equity position.. Does anyone have any suggestions on my likelyhood of getting a principal reduction. We have completly depleted our savings and cant keep putting on credit any longer as we are maxed out.. The last thing I want to do is walk away. However scared that may be are only option.. HELP!!!

11-28-2008, 04:12 PM	#1 (permalink)
dcurtis7418 Member Join Date: Oct 2008 Posts: 11 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	3 Loans w/ AHMSI primary with a $500k neg equity Here goes... I'm a new member and can't express how valuable these post have been for me. Thank you all so much for taking your time to post. I have 3 loans with AHMSI.. Primary and 2 rentals. I did all three loans at the same time. With an adjustable gross income of 135,000 I qualified for 144,000 of annual mortgage payments (yeah right). Our primary home was purchased for 1,000,000 in 2005... Our county at one point was #1 in the nation for depreciating home values. According to Zillow our home is worth about $500K..as well as our assessors office who have been so kind to have lowered our taxes in half. I have been using credit to pay all these mortages.. We never intended to keep our rentals over 2 years and now they are adjusting. We have been told by several people that we should have never qualified for all 3 loans especially with the same lender.. we did everything by the book.. it looks like the lender used our gross income instead of our net.. We had an audit done on all three properties and each one has several violations...The lender is responsible I believe after finding out how we qualified as well as these violations. However this is also a hardship for us; as credit is how we are keeping afloat. Do I travel down the hardship road or violation road??? I dont think in 15 years we can overcome a 500k upside down equity position.. Does anyone have any suggestions on my likelyhood of getting a principal reduction. We have completly depleted our savings and cant keep putting on credit any longer as we are maxed out.. The last thing I want to do is walk away. However scared that may be are only option.. HELP!!!