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Open Question: How do I get out of this house or afford it now??

Open Question: How do I get out of this house or afford it now??

This is a discussion on Open Question: How do I get out of this house or afford it now?? within the Mortgage Refinancing forums, part of the Mortgage and Loans Forum category; My husband and I were stupid and young when we bought our home with an ARM. Bought the house for ...

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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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02-28-2008, 12:02 AM

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Open Question: How do I get out of this house or afford it now??

My husband and I were stupid and young when we bought our home with an ARM. Bought the house for $156, it was appraised at $170 so we thought we got a good deal. Our adjustable was about to go up so we had to refinance quickly but because of not so great credit could only get another ARM. We also payed off a few things so our new loan is for $170,100....and the first 10 yrs are interest only?? I don't know how we did this to ourselves again...it makes we so angry to know every month $1400 goes to interest and taxes and the principal just sits there. We tried to get an FHA loan and they couldn't help us. We can't afford this and want out of this house! With the housing market so bad I don't think we could break even..what do we do?!?! Seriously stressing out. We have to use our credit card (which is almost maxed) to pay bills every month. Someone anyone help?? Don't know anything about banks and mortgages please explain things for me...

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