Asked by Kay s, Marlborough, MA • Wed Aug 5, 2009
We need help and advice. Our mortgage is "upside down" we owe 315,000 and the house is worth 280,000. We tried to sell it in 2006 and couldn't. We are just making the mortgage payments but it's tough every month making ends meet and we have been late on several payments this year but our mortgage is current. Whats really frustrating is we met with a lawyer and apparently we make too much money to file chapter 7 bankruptcy and chapter 13 is our only option. Our biggest problem is our mortgage the monthly bills are ok but we feel so trapped. With chaper 13 if our house forecloses we will pay back a portion if not all of the difference. We feel like there's no way out and we are so stressed out. We called our mortgage company and because the mortgage is upside down there's nothing they can do to refinance it. Do we have any other options? I have read a little about short sales but it seems that we will be forced to pay back a loss on that also? Thanks, Kay
Real Estate in Marlborough
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