i heard that the government helps people who bought houses with 5 year interest only mortgage?

Question

Is it true that who ever bought a house with 5 year interest only loan and now is adjustable, that the government can give them a fix rate. How would I find it out?

Answer 1

There are a few qualifying things that you must do.To find out if you are qualified, you should contact your lender. They probably have not figured out what their policy for their company, since the bill is fairly new, but those are the people you have to contact.

There are some income requirements as well as when you obtained your mortgage.

I hope this has been of some use to you, good luck.

"FIGHT ON"

Answer 2

It doesn't apply to those who have 'interest only' loans, but to those who have ARM's (Adjustable Rate Mortgages). There are specific criteria to be included in the agreement to hold those interest rates for the next five years at their current levels. There is no 'government assistance', but rather an agreement on the part of the lender to not increase the interest rate as the contract allows.

This offer would apply only to people living in their homes and who have not missed any payments at the lower rate. It also only would apply to loans taken out between 2005 and this past July 30 and scheduled to rise to higher rates in 2008 and 2009.

For further information, call 1-888-995-HOPE.