What Should I Do?

I bought a house and I have a mortgage based on the 6 month libor...I think. So I guess that means my interest rate can change every 6 months. I have great credit but I got a really bad loan because I was still in the process of selling my old house when I got this and my mortgage lender told me I could refinance it after 6 months into a way better loan. Well obviously that was wrong cuz I can't get anyone to refinance me. I had trouble affording my loan cuz the interest rate was 9.75% on my 1st and 10.25 on my 2nd. So I rented out my house so I would not lose it. Well I tried to refinance again after renting it out and the stipulations are much higher because it is now considered an investment property. My mortgage is $1405 a month on a 175,000 loan and I could onyl get it rented at $1200 a month and if my interest rate changes I will be in the whole cuz I have car payment and other stuff. Does anyone have any suggestions?

What Should I Do?

I may be able to help. Shoor me an email to msmith@premierloangroup.com, and we'll see whats out there!

Marty

What Should I Do?

This was very common in the last few years. There were many Mortgage Preditors coming out of the woodwork. They get you to take out their loan without telling you the whole story. You should have consulted your Realtor and asked lots of questions.

So many people are in the same shape as you right now and they are losing their homes to foreclosure.

The interest rate you have is extremely high. Most lenders dole out high rates when the person buying is a RISK. If you are considered a risk why would a Refinance company look at you any different, they dont.

How is the Selling Market in your area?

Most of the nation is reeling from the Boom. But if you still have buyers looking, you should sell and fast.

Get out now. Dont wait until you can not afford the payments because then it is too late and you are in trouble. Keep it rented and put it on the market. Talk to the renters and even lower the rent maybe $100 if they will cooperate (show the property).

If time is running out and you can not do this. Then I suggest you find an invester that will buy it even if you lose money (down).

You risk ruining your CREDIT for many years if you can not meet the payments. Talk to Loan officers, Real Estate Brokes, Finance Firms in your area. Ask for help and suggestions from those professionals close by.

I invest in properties but I am very selective. Buying a home is never worth the risk if you can not 100% afford to carry the full loan for at least 2 years. Things happen and you have to be ready for the worst.

Good Luck

What Should I Do?

Sell the house. Your interest rate will change. Soon.

What Should I Do?

When is the adjustment date? do you have enough time to sell the home? It comes down to Credit score, Debt-to-Income, LTV to actually price out something for you. It does sound like difficult loan but there are a bunch of programs to look through. Who are you working with now? Shoot me an email with the situation and I can help you out and give you a little more to work with.

Nathan Grant

Ngrant@Pacifina.com