Mar
03
Is anyone else having problems with the increase in mortgage rates? I’m looking to see what my options might
By
be such as refinancing at a fixed rate. I have thinking about foreclosure and it stays on your credit report forever. Any suggestions out there?
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3 Comments
March 3rd, 2010 at 5:32 pm
visit daveramsey.com to learn ur hard lessons from others bigger mistakes.
it is cheaper and less stressful.
do go for fixed rates , get budget and make ur money behave.
pay food , utitlities, house ,transportation
THEN what ever is left goes to bills.
u can survive credit slave cards easier than foreclosuer.
March 6th, 2010 at 10:16 am
hi Ronda. In general, a refi to a fixed rate is best. A foreclosure will screw up your credit for 7 long years, avoid it if you can. I’d need some details to advise on refinance. Email me if you want with how much you owe, current interest rate, how much you think it’s worth & what state you live in & I’ll see if I can help. (click on my avatar to get to my profile & email me)
March 7th, 2010 at 4:19 am
If you have a mortgage that is going to reset, then you should know what the payment will be after it goes up. If you can afford it, then it might be alright. But if the payment will be too high, then you have to figure out another solution.
Look at a refinance first, especially if you’re on time now and your credit is pretty good. Qualifying for a refi now isn’t going to be easy, but it may help you avoid foreclosure down the road.
A foreclosure should be your last option, in the event you’ve tried everything else and just can’t unload the property. Don’t start thinking of letting it go into foreclosure until you seriously can not afford the house anymore.