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csg1977

Junior Member
What is the name of your state (only U.S. law)? RI
My husband and I pruchased a townhouse in RI n February 2007 for $235K. We went through a broker and were given a 30 year fixed mortgage 5.625% with a 5 year interest only period. We did not know about this 5 year interest only period at the time of purchase and none of our mortgage paperwork specifies this. We have never missed a mortgage payment but it is becomingly increasingly difficult to continue to make payments. We want to start a family and have not because of finances. We are upside down on the mortgage due to the real estate market. The issue has become that this house is ruining our marriage. We are on the brink of divorce because of the financial strain and stress. I have tried calling the mortgage company and discussing with them to no avail. Their only suggestion was to try to make principal payments but we can barely make the regular payment. If it were up to me I would send them the keys in the mail but I am scared of the ramifications and know that it is morally wrong. Do I have any recourse? Especially since the mortgage paperwork does not specify this interest only period? It only refers to the loan as a traditional 30 year fixed. What are the consequences of a short sale or even foreclosure for us? Will we never be able to purchase another house again? Our credit scores are both excellent and we both have full time jobs.
 
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