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what to do with high interest mortgage?

Ok here is the skinny. I live in a manufactured home on 3 acres. My interest rate is really high on this home (over 12%). I financed the home over 10 years ago with around 12,000 down. I am not upside down on the loan but have fallen behind on the payments since my wife had given birth to our child and has been unable to find another job after being unemployed for a year. My credit is crap @ 550, so refinancing is not an option. I think we are ready to find a home that is cheaper but don't think that is an option with my credit. I have a good job where I have been employed for over 8 years. Any ideas would be helpful!

Thank you and God bless!
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August 05 2013 - Coweta
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Answers (1)

If you wish to remain in the property, then most likely, your best scenario is to contact your lender to see if they're willing to modify the loan. The other option, is to sell the property, or rent it out (if you can find enough to cover your expenses), and you and your family rent about a year or two until you can improve your credit. The credit score and late payments on your mortgage will be difficult to get a new loan immediately. If you can rent it out (if you don't mind being a landlord), which obviously, you'll need to be sure the rent covers your mortgage, taxes and insurance, then it could be an optimal way too. Hope this helps and best of wishes.
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August 05 2013
 
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what to do with high interest mortgage?
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Latest answer by Mike Bjork
August 05 2013 | 1 answers
  • Asked by user6948934
  • In Refinance
  • August 05 2013
Mortgage Rates
 
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