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How far upside down is too far

I bought this house in 2003  when the market was topped it was so bad that when I was looking to buy, I would put an offer on a house and there would be 3 other offers on that house
when I saw my house they were just putting up the for sale sign and I made an offer in less than an hour
I owe 390K and its worth 270-290k 290 at  best !!!
I do not have a fanny mae loan so PHH will not redo my loan its a good rate of 6 %
but I got married and my wife owns a house that we live in
so the payment on this house is $2800.00 a month and im at least a 100k upside down.
 PHH ( THE Lender) does not want to refi or even talk
so do I keep it or just let them foreclose on it.
My other idea is rent it out on a month to month dont make the payment take the money and put it towards the 2nd of 14k  and see how long I can play that game and maybe even make money off of it
I know this will ding my credit but I just cant justify puting money in an empty hole
any help appreciated
I will check back soon
  • February 23 2011 - Oceanside
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Answers (2)

Why don't you do a short sale??? Give me a call and I can see what I can do for you. Short sales are less damaging to your credit and may be a better solution for you.
Let me know if there is anything I can do to help.

Regards,
Josh Enlow
joshgenlow@gmail.com
(760)808-6919
  • March 04 2011
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If your loan is a purchase money loan, in California you may very well be protected by anti-deficiency statutes. consult an experienced real estate attorney, you might very well be able to quit paying and walk away with just a big hit to your credit score.
  • February 23 2011
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