Brief background: I purchased a home with my girlfriend in Feb. 2006. Price was 690k. Both 1st and 2nd are
CW loans. She is still on loan but I make all the payments and deed is in my name only. I owe 530k on 1st @6.875. adjusts in 2 years. I owe 103k on 2nd which has always been adjustable...% right now must be low because payments keep dropping. . Never refi'd. 1st is $3600 and 2nd is $400-$800. My gross monthly income is $9,600. Never late or missed any payments. I can afford the loan and keep payments but my issues are as follows:
1. Ex and I are both on mortgage for a rental property that she is supposed to make payments on. As of 4/1 she is no longer making payments and is going to let them foreclose. Not a
CW loan. My credit is going to be ruined
2. My home is now worth $460k according to Zillow.
Therefore, since she is going to ruin my credit I figure this is a good time to renegotiate to get a fixed rate for duration of existing loan and/or a principal reduction. I don't plan on making payments after May 1 in order to spur
CW into making a decision.
How do I start? Chances of success? Anyone try to get a substitution of collateral (i.e., finding a
CW REO with price near my mortgage balance so that I am paying on a home worth the mortgage)?
I don't want to go through NACA. Thanks for your help. I have read hundreds of threads but can't find what I "think" I need to hear
