House payment, keeps going up

catloverin_ks · Aug 14, 2006

DH and I are contemplating on whether to try and sell our house.

The payment has gone up almost $200 and some since we moved in, and its getting to where we cant afford it. I dont know what to do!! I hate the thought of moving-or should I say renting again!! Ughh....I dont know what to do. I am sad, and confused!!

What would you guys do? I mean can you just quit paying on a house, or how much trouble would we get into?? I dont have a clue....someone help me!! LOL..

Thanks

lookingglass · Aug 14, 2006

Originally Posted by catloverin_ks

DH and I are contemplating on whether to try and sell our house.

The payment has gone up almost $200 and some since we moved in, and its getting to where we cant afford it. I dont know what to do!! I hate the thought of moving-or should I say renting again!! Ughh....I dont know what to do. I am sad, and confused!!

What would you guys do? I mean can you just quit paying on a house, or how much trouble would we get into?? I dont have a clue....someone help me!! LOL..

Thanks

Can you refinance into a fixed rate with a more predictable payment? You may want to look at that before you think about moving.

squirtle · Aug 14, 2006

I would check into refinancing at a fixed rate as well... sounds like yours is adjustable. If you are in a position to where you seriously can not afford your mortgage, I would get the house up for sale asap before letting it go into foreclosure. That will really hurt you in the future when trying to make purchases...
Sometimes the mortgage company is willing to help if you are in a situation where oyu are about to lose the house as well. They won't be nice about it, but it would be worth a phone call.

wookie130 · Aug 14, 2006

Yes, look into refinancing at a fixed rate...those adjustable rates will get you.

alaynna · Aug 14, 2006

We have been in our house for almost 2 years...and we got a 5.5% fixed rate for the whole time...luckily it won't ever go up ....

If I were you I would look into refinancing your house....you DO NOT want to stop making payments...because that will look bad on your credit since the house payment is usually your biggest bill you have...you would get deducted a lot of points....

Maybe you should look into selling your house and getting into a more affordable house...maybe you should start looking now so you won't have to be rushed into it

gailc · Aug 14, 2006

Lenders don't like to foreclose on houses either as they lose money too. I would sit down with a credit counselor and look at your finances. In the meantime I would contact your lending institution to see what they can do to assist you. Many people are in the same situation as you are if you have an adjustable rate mrtge.
A foreclosure will stop you from being able to purchase a house for 7-10 yrs.
Its a buyers market right now not a seller market too-it could take months to sell your house.
Can you change the deductibles on your homeowner/auto insurance.
You need to sit done and work out a budget-whats essential month to month and whats not.
Good luck!!

krazycatlover · Aug 14, 2006

mmm that sucks. My house payment only went up by $10. Im not sure why I think it is for insurence or something

every thing always goes up or so it seems

alaynna · Aug 15, 2006

Originally Posted by Krazycatlover

mmm that sucks. My house payment only went up by $10. Im not sure why I think it is for insurence or something

That is probably due to taxes....

ours went up 10 dollars or so due to taxes

phenomsmom · Aug 15, 2006

I would recommend getting in touch with your lender. We have washington mutual and when we got behind on the payments they were really good about giving us options to get caught up. They want you to keep your house. they are making big $$ off you and want to keep it that way. Good luck getting this right!

catloverin_ks · Aug 16, 2006

Thanks guys for the replies

Unfortunately we cant find ANYONE to refinance us! I mean we have tried.....DH has some credit issues and they say that is why.

I dont know, I guess calling the mortg company might be a good thought and hopefully they can help us.

laureen227 · Aug 16, 2006

Originally Posted by Alaynna

That is probably due to taxes....

ours went up 10 dollars or so due to taxes

mine fluctuates slightly from time to time because of taxes, too...

will the current company not work with you at all? have you explained that if they don't, you may end up defaulting on the loan?

House payment, keeps going up

catloverin_ks

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lookingglass

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squirtle

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wookie130

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alaynna

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gailc

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krazycatlover

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alaynna

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phenomsmom

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laureen227

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