Posted on: 31st Aug, 2010 02:05 pm
i have a $223000 mortgage with 6% interest fixed. but it is a five year interest only loan. i do not qualify for a streamline, nor do i qualify for the obama thiing because my payment is at 31% of my income already. the thing is in these tough times it is still hard to make the payment. it will be even harder if my income stays the same for the next three years but the interest only part ends with a raise of two hundred dollars more a month. i need a 30 year fixed but am upside down on my house and cannot refinance.
Welcome guitar,
As you're upside down, you won't be able to refinance the loan. In that case, you should apply for a normal loan modification. This will help you in lowering your interest rate so that it becomes affordable for you to pay off the dues.
As you're upside down, you won't be able to refinance the loan. In that case, you should apply for a normal loan modification. This will help you in lowering your interest rate so that it becomes affordable for you to pay off the dues.