[hb06]

Hello,

I bought a house in Feb 2007 for $104,500. (I have 2 mortgages, one for about $83,000 and the other for about $20,000). I didn't know much about buying a home and I think I may be a victim of mortgage fraud. At the time of purchase, my house was in need of repairs and assessed at about $53,000. I've tried to repair the house, but it is just too much for me financially (and I've even have a part-time job in addition to a good full-time job)...to the point that my credit is terrible. I'm thinking about letting it go into foreclosure, and since my credit is already bad I don't see it getting much worse. Is this the right way to handle this, or what good can come from pursuing a "mortgage fraud" case in court? Could my mortgage be erased/reversed? What happens with a foreclosure when there are 2 mortgages involved? What options do I have because I don't know what else to do and foreclosure seems to be my only option...

Please help!! I would greatly appreciate any advice that you would have to offer me.

[bonnie w]

They have counselors you can talk too...Look under FHA and they will lead you to help. I think one of the programs is called HOPE. Look under how to save your home from foreclosure.