Loans, Debt & Credit - View Single Post - Just starting out....Should I even go through with it?

debianni · 08-27-2009, 09:53 AM

Yes, I have equity in the house that I can't touch because I can't refinance. When we were applying for the mortgage in 2007, it was supposed to be at 6.5% which was affordable at that time, but right before settlement, my husband (fiance at the time) missed one credit card payment that cause his score to drop 40 points. We were a few days away from settlement, my house was already sold, so we had to take the ARM loan that was offered to us at the time.

Our original mortgage payment was $2182 per month at 8.5%, got a loan mod last December which took it down to $1944 a month at 7.125%. My husband has now lost $200 a month in his salary due to state required furlough days which is approximately the difference between my old mort and new one. So bacially back to square one.

08-27-2009, 09:53 AM	#8 (permalink)
debianni Senior Member Join Date: Nov 2008 Posts: 30 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Just starting out....Should I even go through with it? Yes, I have equity in the house that I can't touch because I can't refinance. When we were applying for the mortgage in 2007, it was supposed to be at 6.5% which was affordable at that time, but right before settlement, my husband (fiance at the time) missed one credit card payment that cause his score to drop 40 points. We were a few days away from settlement, my house was already sold, so we had to take the ARM loan that was offered to us at the time. Our original mortgage payment was $2182 per month at 8.5%, got a loan mod last December which took it down to $1944 a month at 7.125%. My husband has now lost $200 a month in his salary due to state required furlough days which is approximately the difference between my old mort and new one. So bacially back to square one.