What is the name of your state (only U.S. law)? KS
I purchased a 10-year old home in April of 2005 for approximately $210k. Due to my employment situation at the time, I had to take a first and second out. In November of 2007, I refinanced with cash out to 98% of the home value approximately $230k and consolidated my 1st and 2nd mortgages into one. At the time, I thought it was a good idea to listen to the loan guy and do a 3/1 ARM to keep my payments relatively low. Since that time, I took a $20k a year paycut and am now struggling to make ends meet. I have not been late on a mortgage payment, but eating PB&J every day is getting to my wife and I. After doing some research, I found that home values in my neighborhood have depreciated about 10% over the last year giving us negative equity in the house. I want to get out of this ARM and lower my payments from the $1,800 / mo. level they are at now. Do I have any course of action that could get me out of this ARM and lower my payments? Thanks in advance.What is the name of your state (only U.S. law)?
I purchased a 10-year old home in April of 2005 for approximately $210k. Due to my employment situation at the time, I had to take a first and second out. In November of 2007, I refinanced with cash out to 98% of the home value approximately $230k and consolidated my 1st and 2nd mortgages into one. At the time, I thought it was a good idea to listen to the loan guy and do a 3/1 ARM to keep my payments relatively low. Since that time, I took a $20k a year paycut and am now struggling to make ends meet. I have not been late on a mortgage payment, but eating PB&J every day is getting to my wife and I. After doing some research, I found that home values in my neighborhood have depreciated about 10% over the last year giving us negative equity in the house. I want to get out of this ARM and lower my payments from the $1,800 / mo. level they are at now. Do I have any course of action that could get me out of this ARM and lower my payments? Thanks in advance.What is the name of your state (only U.S. law)?