Any way out of an interest-only loan?
Sierra W asked:
I was one of the many Americans who took out one of the risky interest only loans to purchase my second home two years ago. The plan was to refinance to a fixed before the two year term was up but life threw me a few curve balls financially and and finances got out of whack. Now my credit is really bad (score under 500), the term is up, mortgage is going up by $500, and the home has not appreciated in value. No mortgage lender will give me the time of day. This has taken a MAJOR toll on my family and my husband and I are near divorce given the financial situation. Is there any way out of this hole?
Christina
I was one of the many Americans who took out one of the risky interest only loans to purchase my second home two years ago. The plan was to refinance to a fixed before the two year term was up but life threw me a few curve balls financially and and finances got out of whack. Now my credit is really bad (score under 500), the term is up, mortgage is going up by $500, and the home has not appreciated in value. No mortgage lender will give me the time of day. This has taken a MAJOR toll on my family and my husband and I are near divorce given the financial situation. Is there any way out of this hole?
Christina
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