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  1. #1
    Join Date
    Aug 2007
    Posts
    1

    Default Subprime Interest Rate Woes

    My subprime rate (on a mortgage of 450K) went up in May from 7.5 to 9.5 and will go up again in Nov and Feb of next year. I have been making payments on time for the last 3 years and at 9.5% I am still making the payments on time but possibly not for long. I am afraid any small change in my financial situation will put me over the top. Is it greed that is making these lenders pump up the rates every few months? In times of a national crisis, such as these, what options do I have to get the lender to go back to 7.5%? My current credit score is 560. Is filing bankruptcy an option? Any ideas anyone?

  2. #2
    Join Date
    Sep 2005
    Location
    Behind a Desk
    Posts
    98,846

    Default Re: Subprime Interest Rate Woes

    There are some debt relief programs under consideration by Congress, and soon to be available through the FHA, which may help you refinance.

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