Mortgage Forum

Mike

Area Northern CA I was fortunate to land a great job 5 years ago. At that time it was about 4-5 years when the market began to heat up. I bought a condo and put a large down payment 30% on a $225,000 condo. I saw an opportunity to get a fixer upper with my friend and took equity out of the condo (about 20-25% of what I put down).

As the years went my girlfriend and I got more serious, so she wanted to get a house that would be called ours. We closed for a foreclosed home about a month ago but I found out that my company got bought out. So their laying off individuals including myself.

I can't afford paying half the diffrence on the invesmtent property (property me and my buddy bought), my primary residence at the time the condo w/ HOA, and now this newly bought home which is the same mortgage as my condo and 800 sq/ft bigger.

Since I'm loosing my job, my plans are to let go of the investment property and the condo. If I did let go of the investment property and condo what will happen, as far as paying back the debt owed? Is it worth it?

I refinanced on both properties, can they go after the home that my girlfriend and I just bought? Please help... I'm confused and depressed since this is all hitting all at once. Thank you and god bless.