Subprime Loans are not inherently wrought with risk and problems. They are still binding contracts that cannot be changed on a whim. Subprime Loans are just loans that were sold to people who might have been a higher risk to the investor that was giving the loan so the terms and rates will reflect that risk.
"Am I in trouble if I have a Subprime Loan" is a popular question right now... so popular that my answers on other sites have turned into a quote in a MarketWatch article called:
The advice I give is to sit down with your closing papers... the ones you received at or after closing from the title company. In there you will find your Mortgage and Note.
The most important information to locate is the Date of First Adjustment.
If the Date of First Adjustment is within 12 months, your best bet is to Call your Mortgage Broker immediately for an analysis of your options. Then, we can strategize a way to restructure your loan so that you do not have an adjustment that you cannot afford.
We will make sure that your loan gets refinanced within the timeframe that suits you for both your present situation and your future financial well-being.
For more detailed information, please read Florida Mortgage Subprime Loans - Should you be worried?