Hello Everyone, So this is my situation
Bought a new townhome in 2005 in Antioch Ca. I did it through a mortgage broker and the loan was through a company called Land Home Financial. The price was 450 k, i put 10 percent down and took a 80 percent first loan and 10 percent second loan (I have been paying principle and interest). The pice has dropped to 230 k and I am ready to walk away. The loan was then sold immediately to countrywide. Now I am dealing with them. I have an Hoa of 200 dollars a month and intend to pay that until the forclosure is final
Both loans I believe are purchase money loans since I haven't refinanced. (does it make a difference that one bank sold the original loan to a second?)
Ok guys I am ready to walk way. I make 6 figures a year but unfortunately have to move to the east coast due to family reason so the banks laughed at me when I asked to lower my payments. Can the banks come after me??
Any advice would be appreciated. eg: should i forclose on first laon then second or vice versa??
I don't know anybody in the area and I have a call out to 2 lawyers who I really don't know anything about. I mean what are the lawyers gonna tell me?? If anyone could reccomend a good one in contra costa county please let me know. My credit score is like 800 now and I have a good sum of money in the bank and I am single