Jun
13
My mortgage is about to increase due to an adjustable rate, is there anthing I can do to avoide this?
Filed Under mortgage
maggie asked:
The problem is that 2yrs ago I made the mistake of getting a loan for my sister who did not have any credit. She wasn’t able to pay the mortgage and now the house is under forclosure. The adjustable rate increase is on a condominium that I am leasing out, not on the house that is under foreclosure I have always kept up with my payments and was unaware of my sisters defult on the mortgage until recently. My question is: Is there anyway that I can stop or atleast postpone this increase eventhough I am in forclosure status on another property? I can’t afford this increase right now, I am only 24yrs old in college and don’t have any savings to help me out thru this dilema. Any advice would be sooooo greatly appreciated.
Portable Closet
The problem is that 2yrs ago I made the mistake of getting a loan for my sister who did not have any credit. She wasn’t able to pay the mortgage and now the house is under forclosure. The adjustable rate increase is on a condominium that I am leasing out, not on the house that is under foreclosure I have always kept up with my payments and was unaware of my sisters defult on the mortgage until recently. My question is: Is there anyway that I can stop or atleast postpone this increase eventhough I am in forclosure status on another property? I can’t afford this increase right now, I am only 24yrs old in college and don’t have any savings to help me out thru this dilema. Any advice would be sooooo greatly appreciated.
Portable Closet
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My house another years untill figure out what to do.
The bank to give you another years as interest only that is what to give you another years as interest only that is what did it cost me 600 in fees but at least keep my house another years.
You should refinance.
Mortgage professional asap its possible but depends on many factors.
For somebody you should try to do that refinance it with fixed interest loan for somebody you should try to do that refinance it with fixed interest loan for somebody you are you cosign loan for somebody you cosign loan for somebody you should try.
Check out lots of information about mortgages, refiniancing, consolidation, bad credit mortgages and more.
Unfortunately you made a bad decision. The best thing now is to sell as soon as possible and cut your losses. The market is only going to get worse with all of the adjustable rate mortgages resetting and there are going to be thousands more people in the same situation over the near year. Sell as soon as you can.