“Thanks for posting that, it’s very interesting. All the questions on the bank’s form are basic questions you should have asked yourself before getting into this loan… ”
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Absolutely. And of course on the flip side, many of these detailed questions regarding finances should have been asked by the lender prior to approving the loan…
I applaud you for trying to work it out with your lender. I don’t know enough about the specifics of your situation, but if you cut an 80/20 deal to get into this property and still have the original loans, the lenders are probably facing a loss, maybe a significant loss, with no recourse against you.
You’re doing the right thing for now. If they won’t work it out with you, I would think about a sale or short sale, depending on your equity position.
And for God’s sake, don’t you cash out your 401K.
Keep us posted, if you would please. Thanks for sharing.
