Mortgage Forum

Mike

Does anyone else out there have 3 loans on one house? We bought our house for $512,000 with 100% financing through 2 loans in 2005. Later on our business flooded and we had to do some major repairs so we refinanced the second for an additional $30,000. One thing led to another and my husband was no longer making anything near what he was when we bought the house. I called our lender to see how much money we had left on our line of credit and they said $100,000. I explained to them that the original second was supposed to be paid off and closed. Round and round we went and they assured me it was my money to use. We tried to be cautious with the money and use it as a pad, but we had to use most of it to actually pay our mortgage because our only income is now a business we run together. Like many lines of credit they ended up cutting them off. We now owe $642,000 on our house. Our neighbors house is either a short sale or foreclosure, which has been on the market at $350,000 for over a year and has not sold. Our primary loan is due to reset in 2 more years. I really do not want to foreclose or short sale. We love our house, which is in my name, and I have very good credit, but I am very worried that with business declining we will not be able to continue paying so much per month for a house that is worth so little. Any advice that can be offered would be greatly appreciated.