My mortgage is resetting on Feb 2008. Now that Bush froze the mortgage rates and I highly believe that I am qualified, where do I start? Call my lender or HOPE Now?
2007-12-06 09:40:47 · 3 answers · asked by Brickyard95112 1 in Business & Finance ➔ Renting & Real Estate
I do not have equity on my house. I tried to refinance but the value of my house went down by $50K (according to the appraisal). I was never late on my payments. My mortgage rate will reset on Feb and I can't afford the increase in payments. All I am asking is where to start calling for help. Lender or Hope Now.
2007-12-06 09:54:16 · update #1
Don't start calling anywhere yet. The plan was announced just today, and will take some time to implement within the customer service departments of the lenders involved. I'd venture you won't see the lenders prepared to handle the onslaught of phone calls until the first of the year.
2007-12-06 11:16:19 · answer #1 · answered by acermill 7 · 0⤊ 0⤋
he didnt freeze anything.
and the plan requires that you must not have more than 3% equity in your home. If you have been in the home for more than 2 years that will be difficult.
The plan also requires that you have no more than 1x30 lates.
If you do qualify for this "plan" then you most likely could have refinanced anway
2007-12-06 09:50:08 · answer #2 · answered by Anonymous · 0⤊ 0⤋
He didn't freeze anything.
You have to wait until the measure is approved, and the lender will be REQUIRED to contact you IF you are eligible.
2007-12-06 10:07:37 · answer #3 · answered by Expert8675309 7 · 1⤊ 0⤋