I know that we bought the home without understanding what we were getting into. My parents moved here in 79 and their dream was to be homeowners one day. Unfortunately it never happened for them when we were kids but now that they are older and our dad’s health has deteriorated, my sister and I decided to come together and purchase a home where we could take better care of them and they could live out their golden years. This was after 25 years of our family renting. We thought we were making a secure move for our family. Please believe me when I tell you that I am now very aware of what you refer to as exotic loans. Please understand that I do know the mistakes I made that got me to this point. Please also understand that there are countless people that do not understand real estate as you do. I thank you for reading my request for help.
As for the loan, I’ve tried to negotiate with the lender myself but they say they are only the servicer and not a mortgage loan company and cannot adjust the rate or payments. By the way my loan is with Wilshire Finance in case anyone has any experience with them.
Thank you FormerSanDiegan for your advice. I have researched deed in lieu of foreclosure and know that it will need lender approval. I’ve also read that with Short Sale I can be taxed on the difference between the sale and what I owe on the loan. So these are things that I am looking for guidance on. As you suggested above, I will seek the advice of a real estate lawyer.
