Franklin Mortgage Rates

trouble paying mortgage on a fixed rate that is 45% of income?

I got a mortgage though First Franklin 2 1/2 years ago, with a fixed rate at 8.65%. After realizing the mortgage crisis, I feel First Franklin gave me to much money for what I make. My payment/income/taxes is pretty much the same as when I got the loan, but the problem is that it is about 45% of my income...why would a financial company give me this much money?...They pretty much sweet talked me into thinking I could afford it....I can't afford to do this anymore and have had my house on the market for almost 6 months. I have racked up a ton of credit card debt trying to live... I live very simply and only buy what I have to have....but can't seem to sell or get any assistance...the only people that seem to be getting help are the ones who gave up! I need some help deciding what to do..should I just let the house go back like everyone else? I'm 30 years old and don't want to ruin my very good credit but I'm starting to drown...someone please offer some advise! I am very truely trying!!! Yearly income having to work two jobs(52 hours weekly)= $37,000.00 Monthly Mortgage=$1,200.00 (1000.00 is interest and only $100.00 goes toward principle) To all though who want to say "don't you think some of the blame is on me...duh, yes, but that doesn't help me here...I'm looking for good financial advise!!!! Obviously I didn't make that good of a decision the first time around, IThis was my first time buying a house!

Public Comments

1. I agree that you borrowed too much for your income - but you knew what the payments would be going in. Don't you think that a bit of the blame also goes to the party in the mirror?
2. Ignore the previous poster, people can be such jerks...like no one ever makes a mistake. Geez. If you good credit you should be able to refinance with an FHA. Actually, FHA loans are even offered to those with less than perfect credit. At a rate of 6% you'd have to shave a some $$ off of your monthly payment. Maybe consider a 40 year loan to reduce the payments as well. You can always refinance to a better loan later on if your income goes up. Good luck, if you have decent credit 640 or above, you really should be able to do a refi and get that payment down.