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How do I get out of a negative home equity situation with EMC Mortgage and 5/3 Bank?

I tried to re-finance my 1st and 2nd mortgage with these two banks and was not successful due to owing more on my mortgages than my house is worth (& high credit card debt of about $25K). My spouse and I have student loans to pay for ($60K) and it is very depressing for us. What can we do to fix this financial and emotional problem. More details..we make over $200K per year but the bills and unexpected situations keep coming up. It is now affecting our marriage and we may be separating because of this financial tornado. we have two kids and a dog to care for also. It is tough but right now we are just maintaining to pay bills from pay check to pay check. How do we attack these issues without killing one another and becoming angry about it when we bring up the subject? Are there any highly seasoned real estate agents or financial gurus (anyone w.knowledge) to help us? Any internet or 800#'s? We need help REALLY bad!!

Asked By: LifeSaver - 8/18/2008
Best Answer - Chosen by Asker
If you have some kind of hardship (loss of a job, must relocate for work, etc.), you may qualify for a short sale, where the bank takes less for the house than what you owe on it and forgives the debt. And "the house is worth less than what I owe on it" is not a hardship... More
Answered By: Paul in San Diego - 8/18/2008
Additional Answers (3)
Hang in there and keep paying that bill.
Answered By: The Lemur v 1.02 - 8/18/2008
 
Unfortunately with negative equity and two separate notes, in your case not many options, if you can not get the first note to refinance both notes. See the first note will not refinance its note alone because then the second note become the first note in line after the refinance. Kind of leaves you in a catch 22... More
Answered By: goz1111 - 8/18/2008
 
You and your spouse made some VERY poor financial decisions along the way, and now they are coming back to haunt you. You apparently borrowed money against your house at a 100 percent LTV ratio, which was your first poor decision. Buying that expensive a house with over $85,000 in debt was another stupid move. Sad... More
Answered By: acermill - 8/18/2008
 
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