Equity Home Loans

I need to foreclose on my home with a home loan and a home equity loan.?

I have a home loan for $155,000 and a home equity loan for $35,000. I ended up with a predatory lender situation and am stuck. I cannot sell the home with the market the way it is. My realtor just told me that I may sell it for in the $140,000's. I had an option arm loan and the house payment doubled in Dec. 2007. I just want to get rid of the house. I have a place to go and can start over. I'm at wits end and do not know what the best route is.

Public Comments

1. you will loose your equity if you foreclose. Refinance your ARM to a fixed rate. Rates are really great now. Call up lenders they are anxious to refinance to borrowers who have excellent payments or no missed payments. Here are some lenders that check out or you can call iFreedomDirect.com @1800-245-0096, wellsfargo.com, lendingtree.com Here is a web site that have some helpful information: http://www.quickenloans.com/mortgage-news/article/30.html?qls=MLP_trusfeed.000000008
2. Just so you know--you don't make the decision to foreclose, the mortgage company makes that decision. You may chose to stop making payments, but YOU don't foreclose. Talk to your mortgage company. They may be willing to work with you.
3. If you are a first time borrower of a home equity loan it is imperative that you have a checklist of essential questions that you need to ask each and every lender. The answers to these questions will provide a valuable reference to base your comparisons on. What’s the interest rate? Knowing this is crucial. The interest rate will determine<!--the monthly payment you will need to make. You also need to know if the interest rate is of a fixed or adjustable nature. Fixed rate implies that the monthly payments will remain constant, while an adjustable rate implies that rates will fluctuate depending on market conditions. http://best-loans.awardspace.com/homeloans.htm In adjustable rate, when will rates change? If your interest rate on the home equity loan is of the adjustable variety, you need to know three things: when the rate is going to change (that is under what conditions), how frequently will the rate change and what’s the average-->percentage by which the adjustable rate will change. What is the Annual Percentage Rate or APR? The APR on the home equity loan will determine the yearly payment you will need to make towards this.The higher the payment in terms of points, the lower is the interest rate.
4. I was once in your situation. Don't worry, everything will work out for you =) A year ago I found this organization that gives people up to $1500 in renter or mortagage assistance! They operate in most US cities, I highly suggest you try to get some of this money. http://www.help-for-mortgage-rent.org Good Luck!