Open Question: I am stuck in a ARM anyone else in this situation?

[Administrator]

We live in Riverside CA area, bought a townhome 3 years ago and got stuck in a ARM sub-prime mortgage, they said i could not qualify for a traditional because of 2 fukin 30 day late payments. I think they were not looking out for our best intreast. My brother and his wife filed BK 4 years ago and just got a 5.75. We this crappy mortage inflated last year to12% and my payment is now 6k a month. To make matter much more pleasant we looked into refinancing found out that the home is worth 100k less then we owe. I know foreclosers are bad on your record buy this is not worth it worst then rent, i burned all of my savings for the diffrence. Yes we make about 100k a year, but its all going to a lost cause. My buddy eric is willing to rent out his town home for 2500 a month. Anyone else in theis situation. Its this feeling of burning money. I am betting this will go up another 2% in a month or two.


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