Here's my situation...
I own a house that is currently underwater by about $70k. I'm currently paying interest-only on a 3-year ARM which adjusts on January 2010 (13 months from now). I'm concerned that I will not be able to refinance before the adjustment date since I do not have any equity. I'm pretty sure I will not be able to afford the higher payment if it adjusts higher than what I pay now.
I have always been responsible with my credit, in fact I have no lates on the mortgage or on any other debts that I owe. I have never taken cashout from my home and the only reason I'm underwater with the mortgage is because of the declining housing market.
My dilemma is that the lender might now allow me short-sale or sign a deed-in-lieu since I have never been late on any of my payments ever.
I'd like to get out of this situation sooner rather than later... What are my options?
Thanks for your help...
In the drop economy situation now,the price of house properties has been decreased.So,it's the best time for remortgage.
