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Wells-1st/Chase-2nd upside down and laid off

This is a topic titled Wells-1st/Chase-2nd upside down and laid off made in the Home Mortgage section, belongs to our Mortgage Chat category; Bought my house in 10/05 for $350k. It's now worth $190 and I still owe $313.5k. I was laid off in 2/08 and feel that making ...








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Old June 9th, 2008, 09:41 AM   #1
Joel Fraser
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Registered: May 2008
Posts: 907
Default Wells-1st/Chase-2nd upside down and laid off

Bought my house in 10/05 for $350k. It's now worth $190 and I still owe $313.5k. I was laid off in 2/08 and feel that making my combined monthly mortgage payments of $2.5k is pointless as I am quickly zapping my savings. What is my best option at this point? 1st Wells Fargo fixed at 5.875%still owe $270.5k 2ndChasefixed at 7.375%still owe $43k Thanks!
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