Housing / loan question

[diane.jsmith]

We bought a house a few years back but could only get a 5 year loan, the interest was 4% which is good, we really wanted a 30 yr but the banks weren't being very helpful as it was when the S was hitting the fan. They slapped us with a Mortgage insurance which I've been trying to get rid of but since the house lost some value they want more money down and its too much right now so we're basically stuck with the MI. Ok so here is my question.... when the 5 yr load ends, what happens?? We will have to get another loan obviously but what if the house is underwater and they require money out of pocket to put into it to get the new loan and what if its too much?? Is the house lost? Are we forced to sell it or get it forclosed?? The situation isn't even that drastic but Im just thinking worst case scenario. I see the aprs are going up especially the 30 yr ones and it has me worried. Any experts on this??
Thx

[Ramsey]

I have similar issue as well regarding housing loan and I am also seeking for solutions. I hope we can search out an expert housing loan adviser and find a way to resolve issues.But after several searches and i haven't found any one yet.I think I have to contact physically with an attorney who have mortgage specialization.

[LukeQKMB]

I've got the same question about my current loan??

[jumbo2010]

Hi, I have not full information about this. But I think the only way to solve this problem is go to the expert housing loan adviser, who is near by you.

[Feronitily]

Originally Posted by jumbo2010

Hi, I have not full information about this. But I think the only way to solve this problem is go to the expert housing loan adviser, who is near by you.

Well... After five years obviously you will have to ask for loan to pay your instalments... I just do not understand why the bank would ask you to pay more if your house is getting devalued... May be due to some security issues? I would like to know about it... Thank you

[gabrialon]

You can use your grants and loans from the government for tuition, books and housing. If you have received the full amount of grants and loans from the government they are not going to give you additional loans for an apartment. You will need to get a co signer for a traditional loan, get a job or go to a cheaper in state school.