I closed on my house December 5, 2005I retired December 20,2005 I am now on a fixed income. When I went to closing the closing Attorney told me I had a ADJR. which shocked me at closing but told me I could get the house refinaced in a year so I decided to sign the loan not knowing that I would end up with so much Debt that I got 3months behind in my Mortagage in had to go to my savings to get caught up now my credit is messed up because of the late mortage payments I don't have enough ESCROW on my house because December 5 ,2006 made one year I am concern this is going to happen to me again but next year my Mortrage is going to go up. I need to know if you are on a set income is their any way I can get help to change my Mortrage to a fixed rate instead of a ADJR with a Counselor that deal with messed up credit on a secured loan.
2007-01-12 07:55:53 · 2 answers · asked by DEBORAH L 1 in Business & Finance ➔ Credit
You would need to refinance the loan to change the terms of it. You might start by contacting the lender and asking if your loan program allows you to fix it in- some of them do. Otherwise you will need to just refinance the home. You might want to think about a reverse mortgage that would actually pay you monthly instead of you apying the bank. Many people on fixed incomes are doing this to avoid the hassle and get a few extra bucks in their pocket each month.
2007-01-12 08:03:07 · answer #1 · answered by flamingojohn 4 · 0⤊ 1⤋
wow, how did you get someone to write a mortgage for you when you were 2 weeks from retiring???
2007-01-12 08:00:42 · answer #2 · answered by Anonymous · 1⤊ 0⤋