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Carona · 03-07-2009, 09:25 AM

Hi Professor Shay,

I've probably read all of your posts in all of the other forums and have learned a tremendous amount. Thank you.
In regards to your questions:
1) Market Value maybe $450-$500
2) CW 1st at $544 and HSBC 2nd at $138. Here is where it gets confusing. Although both were made as purchase money, the HSBC one used to be a Wells Fargo Home Equity Line, but then our mortgage broker suggested we refie it into the HSBC HELOC. I fear this is what will haunt us, even though we've never used the money for anything but purchase money. The fact that we changed from Wells to HSBC makes me feel it is recourse. Is this so??
3)Yes, it is our primary residence that we've lived in for four years. Our economic hardship is based on the fact that the third owner (Tenant-In-Common) has decided to walk away (we've agreed) leaving us with this huge mortgage of $680. No buyout since there is no equity and no down payment was made. She knows that her credit will be ruined if we can't get a loan mod and we were willing to take on the fight to possibly have the whole house. The downstairs is an in-law that is not soundproofed enough from our 2 1/2 year old toddler or even the daily life of a tenant who lives there. Plus we would like to grow our family.

Thanks for any advice,
Carona

03-07-2009, 09:25 AM	#13 (permalink)
Carona Member Join Date: Feb 2009 Posts: 15 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: CW and Obama Plan Hi Professor Shay, I've probably read all of your posts in all of the other forums and have learned a tremendous amount. Thank you. In regards to your questions: 1) Market Value maybe $450-$500 2) CW 1st at $544 and HSBC 2nd at $138. Here is where it gets confusing. Although both were made as purchase money, the HSBC one used to be a Wells Fargo Home Equity Line, but then our mortgage broker suggested we refie it into the HSBC HELOC. I fear this is what will haunt us, even though we've never used the money for anything but purchase money. The fact that we changed from Wells to HSBC makes me feel it is recourse. Is this so?? 3)Yes, it is our primary residence that we've lived in for four years. Our economic hardship is based on the fact that the third owner (Tenant-In-Common) has decided to walk away (we've agreed) leaving us with this huge mortgage of $680. No buyout since there is no equity and no down payment was made. She knows that her credit will be ruined if we can't get a loan mod and we were willing to take on the fight to possibly have the whole house. The downstairs is an in-law that is not soundproofed enough from our 2 1/2 year old toddler or even the daily life of a tenant who lives there. Plus we would like to grow our family. Thanks for any advice, Carona