foreclosure san jose ca
California (San Jose) Equity Share Question?
My San Jose, CA home is now about $150K underwater (mortgaged at $644K, current value ~490K). Also, I purchased it as an equity share agreement, meaning that as of right now I also owe the investor $67K (their part of the down payment). In a nutshell, the home would have to be worth $720K for me to be able to refinance and buy the investor out. I am seriously leaning toward walking away from the home if the bank won’t agree to a major modification. I realize this will be a foreclosure on my record, but something tells me that due to the record number of foreclosures occurring every day, this will be looked at a bit differently on your credit record than it has in the past. Can I solicit any opinions on what I should do? Thanks a lot…..
in 3-7 yrs, the home will have regained its value.
keep paying
