Hi everyone. I was one of the fools that got those very enticing 5/1 arms attached to a Line of Credit to pay for the 20% down. Now 13 years later I need to refinance my house cause interest is going up on the mortgage. I got into bankrate.com and choose the top two and put in my info and got a call, long story short, they say they cannot refinance me cause I have very little equity on my house because of the LoC (more than 95%). Here are the numbers: 251,000 left on mortgage, 56,000 left on LoC. Here are the questions: What should I do? Sell the house for a loss? (max price I can sell it for 310K), Grab from my savings to pay the LoC off but drain the savings out? Tap into my Roth IRA pay a penalty and pay the LoC off? Is there something else I don't know for people like me still in this horrible loans? The company that has my mortgage is moving up my interest from 4 to 5%, and is making me pay lower principal and higher interest compared to what i'm paying now. Please help. Thanks.
Submitted June 26, 2018 at 10:18AM by Ichoosepepsi https://ift.tt/2yJc4QK
