help! 2nd Home Foreclosure - Loan Modification Forum

adnorris123 · 09-05-2009, 11:18 AM

Hi everyone! I was directed to this site by a friend who is a loyal user and ended up doing a Deed in Lieu with Wells Fargo.

My situation: We invested in a 2nd home at the beach 4 years ago. The first 2 years were fine, we got rentals no problem. Then, the bottom fell out. All of the homes around us have foreclosed or are in foreclosure. We cannot sell the home or get a refinance because the LTV has plummeted.

Appraisers are comparing ours to all the foreclosures. So, it is worth less than half of what we paid.

. I have lost my job, and our primary home payment went up by $400 due to tax adjustments

. So we are in a bind.

80% of people have done foreclosure or deed in lieu. They act as if the only thing that happened is a bad credit score.... what are you thoughts? Keep throwing money down the toilet?

adnorris123 · 09-05-2009, 06:15 PM

So I guess no one has walked or had a DIL on a Second Home? I am not sure if the second is like having an investment property or not. Also wonder how it affects your primary home. This is in North Carolina with Wells Fargo... anyone?

09-05-2009, 11:18 AM	#1 (permalink)
adnorris123 Member Join Date: Aug 2009 Posts: 5 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	help! 2nd Home Foreclosure Hi everyone! I was directed to this site by a friend who is a loyal user and ended up doing a Deed in Lieu with Wells Fargo. My situation: We invested in a 2nd home at the beach 4 years ago. The first 2 years were fine, we got rentals no problem. Then, the bottom fell out. All of the homes around us have foreclosed or are in foreclosure. We cannot sell the home or get a refinance because the LTV has plummeted. Appraisers are comparing ours to all the foreclosures. So, it is worth less than half of what we paid. . I have lost my job, and our primary home payment went up by $400 due to tax adjustments . So we are in a bind. 80% of people have done foreclosure or deed in lieu. They act as if the only thing that happened is a bad credit score.... what are you thoughts? Keep throwing money down the toilet?

09-05-2009, 06:15 PM	#2 (permalink)
adnorris123 Member Join Date: Aug 2009 Posts: 5 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: help! 2nd Home Foreclosure So I guess no one has walked or had a DIL on a Second Home? I am not sure if the second is like having an investment property or not. Also wonder how it affects your primary home. This is in North Carolina with Wells Fargo... anyone?

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