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$100,000 in our home with an interest only first mortgage. an interest only second. and an interest only heloc. we have no debt and we have some assets. we are wondering if we should sell now and carry a loan for the shortage. man, he's got trouble. >> well, i mean, he's like the epitome of all the things we all did stupid in america. interest only, interest only, interest only, three mortgages on his freaking house and now we've got trouble. no kidding. so i think you're going to have to sit there a while, sir, and let the prices recover. if you've got assets, you're either going to write a c...

Homes are worth, some homeowners may be thinking that walking away from home is the answer. there are big downsides to walking away. it's best to know the facts and exhaust options before doing so. if you plan to purposefully foreclosure, first make sure you look into mortgage modifications. talk with the lender and inquire about a loan modification. also talk to a nonprofit housing counselor through the national federation for credit counseling at nfcc.org and the department of housing and urban development site hud.gov. another option before you walk, if you have another place to live consid...

Tornadic activity in florida. new images right now of the kind of damage being associated with this weather system. our chad myers will be back with more. time now for the help desk where we get answers to your financial questions. with me right now donna risotto a senior editor at money and lynnette fox is a writer. thanks so much for being here with us. our first question is from jeff from michigan and he writes in, i'm underwater on my home but no one will help me because i'm unemployed. i have paid my mortgage on time, but i've been told that i could get help if i stop. what should i do?...

Slamming florida right now. take a look at the very colorful radar. we'll have pictures with the latest damage next. but first, want to go to stephanie elam with some freel money advice. >> time now for the help desk where we get answers to your financial questions. with me right now, donna rosato and lynn net cox is a writer. thank you for being with us. our first question from jeff in michigan. he writes i'm underwater on my home but no one will help me because i'm unemployed. i have paid my mortgage on time but told i could get help if i stop. what should i do? we hear this so often. >> it'...

Home, but no one will help me because i'm unemployed. i have paid my mortgage on time, but i've been told that i could get help if i stop. what should i do? >> it's never a good idea to stop paying your mortgage, and he's in a tough situation where he's unemployed. but last year the obama administration expanded some programs to help people like this young man here. and one of the things he can do is apply for a loan modification, which may help him reduce the amount of payments or he can get a suspension on his home mortgage payments. but he really needs some good advice to do this, and what ...