I Am Confused And In Trouble With My Option Arm Mortgage. – Kim

Kim “Dear Steve, Husband and I take home $6,200 p/m. 1st mortgage $355k changes per libor 6 months, monthly $1300, 2nd mortgage $110k, 15 year fix, $867 p/m to end in 11 years. Home is upside down. value now $270k. Credit cards approx $45,000 about $760 p/m, car loans $37k, $529 p/m. no retirement/ira and … Read more

We Are Stuck in a Home in a Neighborhood That is Turning Into a Ghetto. – Lisa

“Dear Steve, As of today, 4k in money market savings, 2k in old mutual fund, 70k with TSP. Pay off credit cards every month in full. We have two debts, one student loan at $117/month and our townhouse. 10/1 ARM LIBOR will reset in 2015. 310K at 5.75%, with $296k left owing. 2nd mortgage of … Read more