I purchased my home in 2005 for 418K. I borrowed 90k from my parents for the down payment; I have a loan for 326K (interest only@5.25% – 1450.00K per month / the terms of which end in April of 2010 when it changes to an adjustable and we pay 3500K per month which we cannot afford).
I have good credit (700 FICO) and no debt other than a school loan (0 per month). My wife, however, is 30K in debt with an average FICO.
We do not like our house and want to move. We would also like to refinance… is this a possibility?
Any advice?