I have a 5 / 1 ARM mortgages with 3 years until changes in interest payments and speed?
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adjustable. I also have a HELOC. Overall, the loan amounts are more than what my house is worth now, the market collapsed. It was worth much more than what we owe them a year ago. My question is, what I do with my credit situation. We are not our problem loans with a payment, but I fear that in 3 years if the maturity of the loan will change the value of houses are not what we owe them and we maintain a bank refinancing. It was our intention to refi and get a fixed rate by then. Of course, that was before the market collapsed. Shall I go on the next 3 years and I hope at least my house is worth enough for me to refi or try to do something now, although I’m thinking?
At this point your only option is to wait and see what happens.
With an interest only loan you already owe more than you originally took the loan out for add that to the market you are in bad shape as far as refinancing goes. start paying more on the interest only loan to pay down your principle or you will definitely be SOL in 3 years