mortgage rate going up soon help?
by Mortgage Rates on Saturday, October 23rd, 2010 | 6 Comments
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sell it, pay of the remaining debt as soon as you can and learn from the mistake. Problems attacked hard and quick bring you forwards, if you let them linger, they control you.
You have two choices: struggle to make the new payments or try to sell it NOW, as the previous poster said, even if you walk away with a net loss. If you sit and do nothing until the lender forecloses, you’ll be in worse shape.
Talk to your mortgage lender. See if they are willing to talk about renegotiating your rate.
Take a look at this video by an expert:
http://www.myfoxcolorado.com/myfox/pages/Home/Detail;jsessionid=F0889EEDC1A6CE1B1167817BEE0343A4?contentId=4839210&version=1&locale=EN-US&layoutCode=VSTY&pageId=1.1.1&sflg=1
I suggest you call your lender and ask about either keeping your current rate or renegotiating the terms. Many lenders are becoming more flexible about this as foreclosures continue to come in.
Could you rent your condo?
You’re in good company. This is happening a LOT! I bought my house 4 years ago. Refinanced 2 year ago and they offered me a variable loan. I told them they were CRAZY. I got a fixed. My house is now worth less than I owe on it -in fact less than what I bought it for four years ago, but at least I can afford the payment.