Mortgage Bailout?
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OK, it's not a bailout but the President just announced that the government will offer to refinance high risk loans for people with good credit.
I just got my mortgage last January and understood it to be a fixed rate yet interest only loan. But then I read in USA Today that these are high risk loans too and that the payment will go up when the principal kicks in and the rate can actually change. I realized the payment will go up but I thought I had a fixed rate! Anyway, I have a Countrywide loan and I'm a thinking I better check things out. So before I run off to find a CPA or mortgage expert can any of you tell me if I should be looking into this government refinance? And where do I go to get it? Thanks.
On a separate note it looks like Countrywide is making some drastic moves to stay competitive with the market (borrowing money, laying off %25 of the workforce). But if they go belly up any idea how that will affect me? Thanks again!
Mortgage Bailout?Your FIXED rate can't change, but you have to start paying principle after that interest-only period is over. If your loan was 30 years and you paid interest only for the first 10, now you only have 20 years to pay off your mortgage SO your payments skyrocket.
You'd better be careful with this kind of loan, if you couldn't afford the house unless you were only paying interest, you shouldn't have bought one. Now you're going to wind up foreclosing on your house just like everyone else. Sucks to be you, huh?
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