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    rpasive's Avatar
    rpasive Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Nov 12, 2007, 06:34 PM
    Overwhelming mortgage rate
    I have several problems looming over my head:

    1. Mortgage gone up from 6.5% to 9.5% and may go up again Feb 2008 to 13%.
    Currently I'm paying 2450 for a 2br2 1/2 bath condo in Murrieta, CA.
    I've tried reducing rates in various ways but failed in each aspect.

    2. My property tax has been ridiculously going up since 2005 and this year I have to pay $4500 which I can't afford.

    3. I do not know whether I should declare bankruptcy or foreclose on the house because I do not have anyway of paying the property tax and the possible increase in mortgage payments.

    4. Being in the military, is there anything I can do?
    charlotte234s's Avatar
    charlotte234s Posts: 1,903, Reputation: 143
    Ultra Member
    		  
    #2

    Nov 12, 2007, 07:35 PM
    Being in the military won't help you any, but I suggest moving to a more affordable area/home. :(

    Unfortunately, mortgage rates force many people to choose between moving or losing their home to foreclosure.

    You may want to get a financial adviser to help you.
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