In a bit of a pickle!

clp1027 · February 2010

I feel like I'm working on borrowed time here. Our house was financed on a 5-ARM and it's about to go adjustable in May. We never intended to stay there for 5 years, but the market made it impossible to sell. The second issue is my truck. The warranty is about to expire and we really can't afford to own it without a warranty. It's had way to many problems that I'm not willing to pay for out of pocket! I'm not sure what to do. Refinance the house? Buy a new car now? Wait to see how much the ARM rate is? I hate the wait and see game!

I'm sure I'm not the only one with these sorts of dilemmas in this kind of economy!

April37 · February 2010

We were in the same situation with our house (5 year ARM and thought we'd move before it was up). We'll, when it adjusted in year 6 and 7, our rate went down both times!!!! This summer will be year 8 so we are just playing the wait and see game. It sucks to not know but you may get lucky!