Depend what is your rate? let see if your rate is a 6.5 after 5 yrs some loans going up to 13 % or more (read your contract has to be there maximo rate.) now if you have a late payments and do not have a home equity don`t even try Refi, Short sale is not the best sollution, but if you can`t afford, what else you can do? call you lender to waive the Pre-payment penalty and sale before foreclosure! if have more question e-mail me fabbian@myfirstcontinental.comHow much will my payment go up with 5/1 Fixed to adjustable mortgage rate?
no problem! by the way contact a Short Sale Specialist, they negociate with the bank for you, low the price of you mortgage, and sale you house faster, you don`t have to pay anything to them( no commissions). and you will protec your credit b/c foreclosure is to negative.
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You should contact your lender immediately if you are having trouble with making your payments. It seems like what will happen in 2011 does not matter if you lose your house to foreclosure before then.
Probably the best plan is to get the lender to waive the pre-payment penalty so you can sell your house and pay as much of the loan as possible.
it depends on what the LIBOR rate is or whatever index your ARM is on. Do not wait until the last minute to refinance. Refinance before, don't worry about the prepayment penalty. The prepayment penalty is 1% of 80% of the balance.
SHORT SALE. Your payment will probably go up another $500 a month MINIMUM. If you can't afford it now, you certinaly won't be able to afford it later.
Take this as a lesson learned - don't buy things at the top of your budget, especially when the only way to get it is through an ARM - you'll wind up in exactly this same situation.
Sometimes when things make us all starry eyed like low payments, there's a hidden cost - and THIS is it!
I feel bad for you, but it you did it to yourself.
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