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Open Question: Mortgage Help in MI?

Open Question: Mortgage Help in MI?

This is a discussion on Open Question: Mortgage Help in MI? within the Mortgage Refinancing forums, part of the Mortgage and Loans Forum category; We cannot REFINANCE! Due to the low housing market we are upside in our loan. We owe $219,000 and my ...

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Mortgage Refinancing If your current mortgage has a high interest rate, you’re stuck in an adjustable rate mortgage, or you want cash out or to consolidate your debt, the answer to your mortgage problems is refinancing. Mortgage refinancing allows you to pay off the remainder of your existing loan by taking on a new loan with better terms. However, there are a number of mortgage refinancing options available to you. And within each of these options, there are particulars you need to be aware of.

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05-09-2008, 02:05 AM

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Open Question: Mortgage Help in MI?

We cannot REFINANCE! Due to the low housing market we are upside in our loan. We owe $219,000 and my house will only refi for $190 tops. We have an arm that is adjusting at the end of '08 and the payment will be way out of our range. We will not be able to make our mortgage payments. I know you have all heard this time and time again...but I dont wont to loose my home. My husband and I have a 2 yr old and 6 yr old and do not want to loose our home. Should I work with my lender or try to get an investor buy our home now and lease the home from them????? We are trying to work on this now and be prepared for Nov. '08. We dont know where to turn?? Lawyer, financial planner, etc.??? Any suggestions?

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