Trouble paying mortgage on a fixed rate specifically 45% of income?
I got a mortgage though First Franklin 2 1/2 years ago, with a fixed rate at 8.65%. After realize the mortgage crisis, I feel First Franklin gave me to much money for what I kind. My payment/income/taxes is pretty much the same as when I got the loan, but the problem is that it is give or take a few 45% of my income...why would a financial company give me this much money?...They pretty much sweet talked me into thinking I could afford it....I can't afford to do this anymore and enjoy had my house on the market for almost 6 months. I hold racked up a ton of credit card debt trying to live... I live very simply and only buy what I hold to have....but can't seem to get rid of or get any assistance...the only society that seem to be getting help are the ones who give up! I need some help decide what to do..should I just let the house move about back like everyone else? I'm 30 years matured and don't want to ruin my very good credit but I'm starting to drown...someone please grant some advise! I am very truely trying!
Yearly income have to work two jobs(52 hours weekly)= $37,000.00
Monthly Mortgage=$1,200.00 (1000.00 is interest and only $100.00 goes toward principle)
"> Ignore the previous poster, citizens can be such jerks...like not a soul ever makes a mistake. Geez.
If you good credit you should know how to refinance with an FHA. Actually, FHA loans are even offered to those with smaller quantity than perfect credit. At a rate of 6% you'd have to shave a some $$ rotten of your monthly payment. Maybe consider a 40 year loan to reduce the payments as economically. You can always refinance to a better loan later on if your income go up. Good luck, if you have decent credit 640 or above, you really should be capable of do a refi and get that payment down.
I agree that you borrowed too much for your income - but you know what the payments would be going in. Don't you think that a bit of the blame also go to the party in the mirror?
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Yearly income have to work two jobs(52 hours weekly)= $37,000.00
Monthly Mortgage=$1,200.00 (1000.00 is interest and only $100.00 goes toward principle)
"> Ignore the previous poster, citizens can be such jerks...like not a soul ever makes a mistake. Geez.
If you good credit you should know how to refinance with an FHA. Actually, FHA loans are even offered to those with smaller quantity than perfect credit. At a rate of 6% you'd have to shave a some $$ rotten of your monthly payment. Maybe consider a 40 year loan to reduce the payments as economically. You can always refinance to a better loan later on if your income go up. Good luck, if you have decent credit 640 or above, you really should be capable of do a refi and get that payment down.
I agree that you borrowed too much for your income - but you know what the payments would be going in. Don't you think that a bit of the blame also go to the party in the mirror?
Related Questions:
My fixed rate mortgage have come to an extension. Should I find a alien one immediately or hope interest rates trickle again?
This is a question for those in the UK. My fixed rate mortgage have come to an end. Do you think interest rates will verbs to fall, or is it more likely...