Mortgage Forum

Joel Fraser

Hi,I'm totally new here. My Avelo Loan went to Litton (its all Goldman Sachs) but the awfulness began long ago---when I went into a partnership with a man on a big house in 2003 - we were on the deed and note together. He had poor credit and our payments were high. A year or so later we re-fi'd but with my good credit. We took him off the deed and the note was only in my name, now (yes, I'm the idiot) so a year after that, we split up. Guess who has the mortgage liability? I was in grad school, 2 kids almost in college (they ARE in now, and I have 2 other properties. One of them, I re-fi'd until it has no equity, trying to pay for this big house. Also, had the big house on the market for 3 years, with housing prices coming down, down. Since this mortgage is so big, I pay 3% deferred interest, so my principal goes up, up. House on the market now for $500k, I owe $640k and still not an offer. My kids and I moved out, I'm trying to rent the big house. I still have a little cottage I bought 25 years ago, almost paid off. I guess that will get taken. I have run out of ideas of how to finance this big monstrosity. I should probably never have been given a loan in the 1st place - thru Quicken - I later noticed they had placed my income at $120k per year (a no-docs loan) and I never said that!?!? I made around $60k then. I make more now, but not nearly enough. If I walk away, I will lose my little cottage. If I put the cottage into a trust (should have done that years ago!!) Litton will still find it? Probably. I hate to lose every single thing I ever worked for. I'm trying to help my girls with their college expenses, too! Plus I have school loans. It's going on 4 years of financial torture. Any ideas? I hear Litton is bad, bad bad. Sweet. Any good luck out there?