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How to Get Rid of High Mortgage Payments?
The government is trying to make sure that at risk families can stay in their homes so that more affordable mortgages may now be available for you. While it's always great to live in a neighborhood with lots of extra amenities, homeowner's dues can be quite a drag on your pocket.
Government Solution to High Mortgage Payments
Refinance the house for 30 years at 5% for a monthly payment. A 30 yr mortgage will give some flexibility. And there is nothing stopping us from prepaying principle once we have paid off our credit card debt (and second mortgage) or when our income rebounds. The average term length is thirty years. If extended, it can be take up to forty years. The extension can help you ease out and lower your monthly payments.
Dealing With High Mortgage Payments
Depending on the rate you are currently paying on the credit card it might actually be advantageous to use some of the existing equity to pay it off. You can also try to sell your home and become a renter again so that you don't have a mortgage. This can be a difficult option if you bought your house at the height of the real estate bubble and now it is worth less than your outstanding mortgage
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