2007-12-06 07:32:31 · 7 answers · asked by $nate1018 1 in Business & Finance ➔ Renting & Real Estate
As I understand the program it is acrually voluntary on the part of the lender.
Your lender will decide whether or not they are going to freeze your rate.
With the number of foreclosures in some parts of the country, the lender doesn't really have an alternative anyway. There is such a glut of houses they cannot sell them anyway unless they discount the prices to ridiculously low leverls.
the bank wil probably do better with a performing loan at a lower interest rate, rather than foreclose.
Also, the lender will probably just add the unpaid part of the interest to the principal.
What I suspect will actually happen is the minimum monthly payment will be frozen, but the rate will adjust upward with the amount of the unpaid interest added to the principal.
The Republicans blow it again.
Welcome to the world of finance.
. .
2007-12-06 08:00:58 · answer #1 · answered by Anonymous · 0⤊ 0⤋
The full details of the forthcoming program to freeze ARM rates on certain mortgages are not yet released. From what I can tell, it's not going to cover ALL of the ARM's out there.
Wait until the details are released and then attempt to determine whether or not you fall under the criteria of the program.
2007-12-06 07:46:00 · answer #2 · answered by acermill 7 · 1⤊ 0⤋
It depends on if you have been there for seven years yet. They want to make all the money they can off of you and kicking you out right before you start paying less interest is the way to go in dollars and cents. That's why all these programs are x-7 years of protection. They want to fatten you up for the kill.
edit: In other words if you are a fairly new home owner, you probably qualify.
2007-12-06 07:57:39 · answer #3 · answered by Anonymous · 0⤊ 0⤋
They don't know yet, but the press is reporting that only a small fraction of people will be eligible.
"Bush said 1.2 million people could be eligible for help. But only a fraction will be subject to the rate freeze."
http://news.yahoo.com/s/ap/20071206/ap_on_go_pr_wh/mortgage_crisis;_ylt=Ar0_DFObpYYv_Ok_yHqQ6bWs0NUE
Who knows, they don't even have all the details worked out yet and investors could sue over it.
2007-12-06 07:54:36 · answer #4 · answered by Tracker 6 · 0⤊ 0⤋
I called the 1-888-995-hope they said they are counseling only to call my mortgage lender. I still have not found out anything, and have called my lender several times in the last 2 days. Nobody can seem to help me. If you find out anything i would love to know. Please keep it posted it.
2007-12-08 01:12:04 · answer #5 · answered by sheryl b 1 · 0⤊ 0⤋
The # was given out today
2007-12-06 10:43:42 · answer #6 · answered by Anonymous · 0⤊ 0⤋
contact your lender
2007-12-06 07:35:30 · answer #7 · answered by richard t 7 · 0⤊ 0⤋