Mortgage dilemma....
+ Reply to Thread
Results 1 to 5 of 5

Thread: Mortgage dilemma....

  1. #1
    Shaleen
    Guest

    Default Mortgage dilemma....

    Dh and I have a split mortgage on our house. Our first mortgage is for $305,000 at 6.5% and our 2nd mortgage is for $82,000 at 10.5%. We have a 3 year prepayment penalty which would bring us out to October of 2008. We also took out a home equity loan for $30,000 at a rate of 11.5% or some ridiculously high rate like that but at the time we needed the $$. Unfortunately they did not do a complete appraisal, just a driveby. So I tried to refinance the mortgage in with the home equity loan about 2 months ago and had them come out to do an actual appraisal...well, now we owe about $30,000 MORE than what our house is worth. My question is what can we do about this besides coming up with the $$ to pay off the equity loan??? Is there anything??? We are paying $2800 on our first and 2nd mortgage and $388 on our equity loan right now and it is literally KILLING us!!!!

  2. #2
    Writermama
    Guest

    Default

    Hi, I don't know what you can do ... can you rent it out for what you owe total in your loans?? If so maybe renting it out and renting a lower priced place would work...then put all the extra money into the principle.

    Or maybe you could somehow find a way to increase the value of your home? (but pls dont take more loans out to do that lol)

    Im sorry you're in such a pickle. I wish I knew the answer but no one responded and I wanted to just offer support

  3. #3
    Shaleen
    Guest

    Default

    Thanks for the support It is much appreciated. My husband keeps telling me all will work out so....I'm forced into waiting to see

  4. #4
    michou
    Guest

    Default

    Wow, that sounds a bit overwhelming, sorry you're going through this. My only thought was is there any way to find another source of income, maybe renting out a room or taking in exchange students?

  5. #5
    Super Poster
    Join Date
    Sep 2004
    Location
    On my computer
    Posts
    430

    Default

    This seems to be happening alot lately. I work for a Mortgage Broker in MD and we do loans for TN, MD, VA, PA, & DC..this seems to be a recurring problem...Unfortunately there isn't a whole lot that you can do except get a 2nd appraisal but that can be costly or try to find a lender that won't require an appraisal. If you live in one of the places that I named send me a PM
    Lilypie1st Birthday Ticker

+ Reply to Thread

Bookmarks

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
v -->

About Us | Contact Us | Privacy Policy | Sitemap | Terms & Conditions