My mortgage went from $1,800 to $3,000!!!!!!! This is INSANE!!!!!!!!!!
2007-10-29 21:02:01 · 3 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
Exactly the reason that I have never taken an adjustable rate mortgage, an interest only mortgage or even worse, a negative amortization mortgage. I also would never sign a mortgage that had a pre-payment penalty.
If you can't afford it with a 30-year fixed (or even better a 15-year fixed), then you can't afford it.
I do place some (emphasis on some) blame on some mortgage brokers who were so desperate to do business that they may not have explained the increased payment risk very well to some borrowers.
I also place some blame on the institutions that underwrote these incredibly risky mortgages.
Good luck!
2007-10-30 03:35:16 · answer #1 · answered by Rush is a band 7 · 0⤊ 1⤋
You should refinance before you start falling behind on your payments and it damages your credit. People will tell you that it's your fault and you rshould have read the loan papers and everything else, but the bottom line is that you need to do something before you end up in a position where you can't do anything.
2007-10-30 04:12:03 · answer #2 · answered by Anonymous · 0⤊ 1⤋
You should refinance before your credit is hurt you should go to your local bank or try www.restructureyourmortgage.com, best of luck.
2007-10-30 12:07:53 · answer #3 · answered by Anonymous · 0⤊ 0⤋