As ‘subprime’ rates shoot up, owners despair [Central Florida]
Twanda Thompson doesn’t want to lose her home. But unless she can solve her mortgage woes, she and her four children may have to start looking for an apartment.
Like many would-be homeowners with below-average or poor credit, the Orlando woman took out a “subprime” mortgage during the housing boom to buy a place she really couldn’t afford.
Now her adjustable-rate mortgage is three months away from a boost in interest that will increase her monthly payment 30 percent. More increases lie ahead — and she already is delinquent on her loan.
“I’ve been on an emotional roller coaster,” said Thompson, a 34-year-old insurance agent. “It’s just very stressful. I’ve worked so hard to get this far, to have a home and raise my children. To lose ground now is not acceptable to me.”