Posted on: 21st Jan, 2010 01:42 am
I have an interest only mortgage but i will not be able to pay the lump sum when the mortgage is due in six years I am now on pension credits after being made redundunt 2 years ago what will happen wil have to sell my house
if you're unable to afford the higher payment when your note adjusts, your options are to refinance the mortgage, sell your house, or rent your house. another option is to let the lender foreclose and take the house, but that's an option of last resort and should be exercised unless it's absolutely necessary.