The first question is, can you afford the new payment. I know it is a shock to have to pay more, however, if you can afford it, then you will have to pay it.
If you cannot afford the adjusted payment for any reason, then it should be heartening to you that more and more, lenders are willing to modify loans to prevent this interest rate reset from causing you to lose your home. If you would like to give me more particulars off line, I might be able to give you more direct guidance on how to proceed. Do not wait too long to open the dialog with your lender and Dare to Dream.
Real Estate Consultant
RE/MAX Palos Verdes Realty... more