Getting out of High Intrest Home Loan? - Government Assistance....?

Question

Does anyone know if the government has implemented anything about getting at risk people out of high intrest home loans, yet?

We've never missed and have only been late 1 time since we got the house in 2004, anyway...we're making payments but the intrest is killing us!
We're probably going to refinance and pay out our escrow which will take our payments from $840 to $540, huge difference monthly! (for our income).

Answer 1

FHA has allowed people in an ARM to refinance even with late payments. They have the BEST rates right now. The other option is Fannie Mae, their terms a less strict and the process goes faster.

Answer 2

You might try some of these organizations:
Again, the first person to call is your lender. There may be options available to you that you are not aware of. Other places to call include:
• Homeownership Preservation Foundation: 1-888-995-HOPE
• HUD Approved Counseling Agencies: 1-800-569-4287
• For FHA Loans: 1-800-877-8339
• For VA Loans: 1-800-827-1000
• For Victims of Predatory Lending: 1-800-348-3931
Good Luck.

Answer 3

You want out? Sell your place and move to an apartment. Build your credit and get a good fixed mortgage on your next home. Otherwise, you're stuck for now and will continue to risk foreclosure.

Answer 4

Nothing done, and nothing expected to occur, other than to face the consequences of the loan to which you agreed. If you didn't want a 'high interest home loan', you should not have agreed to it in writing (which you apparently did).

Answer 5

YES. FHA SECURE is what is available to you. You need to be in default and have an ARM that has reset to the higher rate to qualify. Your bank should be able to help you.
Let me know if you need more help.