| Re: Confused on how to proceed in California
Hope this helps.
1. Is the subject property located in California and was it, at the time you bought it, purchased with the intent that is would be your primary residence?
Yes to both
2. What is your estimate of its current fair market value?
Sadly about 220k, but back taxes around 18k.
3. What are the balances on the existing loans on your home, and who is the lender? One loan 378k interest only that went from 7.75% having a payment of 2385.00 that jumped in November to somewhere over 2800.00 at 9% not including taxes, First Franklin/Home Loan Services.
4. For each loan identified in the previous question, was that loan created at the time you bought the home, and were the entire loan proceeds used to pay for the home? My first loan was a 100% finance in 2004 with First Franlkin. It was an 80\20. The 80 was sold to Chase. When it adjusted in 2006 we did a refi taking under 20k out to pay off medical bills.
THANK YOU for reply so soon, Catherine |