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My mortgage payment went up.

im so angry right now i could scream. Has this happened to anyone else. My rate was 8.5 and it went up to 8.75 how can this be??????????????? we already cant pay our bills.

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bubblebean

Asked by bubblebean at 8:47 PM on Nov. 13, 2008 in Money & Work

Level 1 (0 Credits)
Answers (11)
  • It would only happen if you had an adjustable mortgage rate. Have you called the Mortgage Co.? If it is adjustable and not fixed then it may keep going up. Talk to them to see if there is anything they can do. Right now mortgage banks are modifying loans to help people stay in there homes. Never hurts to ask...

    Cindrella72

    Answer by Cindrella72 at 8:50 PM on Nov. 13, 2008

  • yes it is adjustable, but i have a friend with one and their payment went down $220. They say the rates are at an all time low so why has mine gone up 2 times in the last 6 mo??
    bubblebean

    Answer by bubblebean at 8:53 PM on Nov. 13, 2008

  • DO ANYTHING POSSIBLE TO GET OUT OF AN ADJUSTABLE MORTGAGE.


    redderbedder

    Answer by redderbedder at 9:08 PM on Nov. 13, 2008

  • In California thousands are loosing their homes because of the option loan mortgages going up. Mine has gone up a little. I work at home to earn extra money. Everyone is looking for ways to generate extra income.
    nanaevelyn

    Answer by nanaevelyn at 9:39 PM on Nov. 13, 2008

  • It depends on what the index was set on..that can make a difference as to if it goes up or down as well.
    mamakirs

    Answer by mamakirs at 9:44 PM on Nov. 13, 2008

  • The two that are used the most are generally the COFI and the LIBOR
    (CMT or TCM)
    (T-Bill)
    (MTA or MAT)
    (CODI)
    (COFI)
    (COSI)
    (LIBOR)
    (CD) Indexes
    (Prime Rate)
    mamakirs

    Answer by mamakirs at 9:46 PM on Nov. 13, 2008

  • Well I got the fixed rate mortgage. But yeah It would be tough if you got the Adjustable rate ones, or interest only mortgages.
    SylviaNCali

    Answer by SylviaNCali at 9:47 PM on Nov. 13, 2008

  • Most are going down, but with banks and mortgage lenders getting into trouble, some are having to go up...that's the problem with ARMs!
    KatieCrandall

    Answer by KatieCrandall at 10:49 PM on Nov. 13, 2008

  • If the rate is based on the LIBOR index your rate will be going down as it is the bank rate..if it is based on one of the others that I mentioned then it can easily be going up. You need to find out what the index is on your ARM through your lender.
    mamakirs

    Answer by mamakirs at 10:54 PM on Nov. 13, 2008

  • you also need to ask them what the margins, caps and ceiling rate are on your ARM...
    mamakirs

    Answer by mamakirs at 11:00 PM on Nov. 13, 2008

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