Q&A: My interest only mortgage is due soon, My house is worth 1/2 of the purchase price. Advice?
Question by boat_junkie: My interest only mortgage is due soon, My house is worth 1/2 of the purchase price. Advice?
I have an exceptional credit history. I also plan to keep the house in hopes that the value will increase close to where it was when I bought it. But I am open to advice.
Best answer:
Answer by Spock (rhp)
not sure what you mean by “interest only mortgage is due soon”. what’s due? the entire principle amount [balloon payment]?
my guess, off hand, if the ending balloon payment is due is that your only refi chance is the lender who holds the loan now at whatever terms they’re willing to make.
GL
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Short Term Cash Advice
Pay it. If you do not, they will ruin your credit and take the house, and can still make you pay the amount that you owe (minus what they get by selling the house, which will be much less than it is worth).