mortgage & foreclosure problem?
Hello guys,
I am facing problems in paying the monthly mortgage payments of a house in Virginia, and I am not currently residing in that house, since I moved to California. So the house is vacant. I brought the house for 320,00K and right now the market value of that property is only 210,000K. I have only one lender (primary mortgage only) with around 8.5% APR (it?s a variable APR plan which changes every year) with $300 per month mortgage insurance. This makes my monthly payments to around $3000 per month. I am thinking to stop paying on the payments from this month. Will the bank directly go to foreclosure or will they try for a workout agreement with me. Also, if I go for foreclosure, do I still owe money to the bank considering I have only one lender and also have mortgage insurance? Please suggest what would be best option for me? Where can I get additional information regarding this?
Thanks
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