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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]$6,500 interest only???!!! What will it adjust to when you actually start paying for the house?

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It's an ARM so it depends on the current interest rate. When we bought we planned on refinancing before the ARM kicked in, but then the crash happened and now we don't have enough equity to refinance.[/quote]

What is your income?  What's your current interest rate?  I can't imagine taking a $6500 I/O mortgage.  That seems like financial suicide unless you make about $300K annually.  And you're underwater to boot.  Is there any room in your budget to pay additional on your mortgage each month?  Even $500-1000 monthly that goes directly to principal will help you get out from being underwater and may allow you to either refinance or sell without being a short sale.  Then you can get out of this into a house you really can afford.  I'd be worried that when the ARM kicks in that the interest rate will increase on you.[/quote]

We do make close to $300k and we are not underwater (depending on whose estimate you take) but our house has not appreciated like we expected. We can't pay any additional. I am worried about the interest rate. If they stay low then it will be ok, but if they increase a lot it's a problem.[/quote]

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