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Interest only loan... it seamed like a good idea at the time
We had a 2 year interest only with a prepayment penalty for 292K. We could not refinance due to value of home declining - in 8/07 went to 8.75% and will go up 1 point every 6 months - next 2/08. This was bad enough but then my husband was laid off 11/2/07 (he was a superintendent for a builder of new homes) - I earn a good income on my own - appx 85K year and he just started collecting the max avail for unemployment in WV which is $240 per week. I am positive he will find work again but it is taking a long time. Plus, we have other expenses - If we could readjust our mortgage I could make it but everything is out of control right now and I fear the bank will not work with me if he is laid off and with our other expenses my salary would not be enough???