losing battle with adjustable rate

[Administrator]

My husband and are in a tough spot.We bought our home in 2004 with an adjustable rate to hit 2006, we were told to refinance in 2006 before rate went up.Upon request for refinance we were told there was a 3yr pre paid penalty of 3000.00.Soooo we waited until this year and everyone is saying we cant help because we were behind before the adj rate hit. It is so nerve wrenching we were ok last yr but couldnt because of the pre paid penalty.We were only behind 1 time and I talked to the mort company and we were approved for hardship clause and were set to make up the payment by paying extra we did that maybe 1 mth and the adj rate hit and couldnt pay all that high amt .Every where we turn we get the same old we cant help.


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(Source: mortgagefit.com)