mortgage issues

[rick]

Hi Ladies and gentleman,

I purchased couple of houses on interest only loans and thought of making money on the same.My broker did not explain that i had a negative amo and my payment will increase.i have a great credit score but it is getting very difficult to manage my payments and i don't want to go under.My question is how or what i can do.

Please advise.
Thanks alot

[QuickApply]

Are you not able to afford the houses paying the full amount (or at least the interest only part) each month?

[Loangenius]

We need more info...

Are the min payments too high as well? And what are teh payments at for each house?

Do you know the LTV, which is the amount owed for each house divided by the appraised value?

Do you have to use a stated income as you means to qualify?

What is the range of your "good" credit, i.e. 700-740?

Are you open to refinancing, or selling the properties?

Do you have 2nd mortgages on any of the properties?

Does you current loan have a pre-payment penalty?

There are many more questions but the answer you are seeking is not one that can be based on just a few general explanations of your situation. If you could help us understand more about your situation it will be easier for us to help, thanks!

[OregonLO]

yeah, definitely need some more information on these before any of us can give you a good idea on what to do with your properties. That does suck that he didn't educate you on how the loan worked... You are welcome to email me and I can give you some ideas on what to do.

[Matthew-HTDI]

I love when people post something like this and don't respond! Rick, you've got 4 people here willing to answer your questions!? Give a little more info please... Thank you.

[noher]

Maybe Ricks found help somewhere else. Best of luck.

[carlel]

rick you could refinance if thats not too much trouble, you say you have a good credit rating so you should find it relatively easy to get accepted.