i have one of those 3 year arm mortgage rate which will comes to end in the end of dec. meaning starting on jan. my mortgage rate will shoot up sky high. i heard of the bush administration is helping homeowners of arm or adjustable mortage rates from losing their home.. which was great.. but where and who can i contact? if anyone have any info please pass it along.. i wish to keep my house.
thank you so much!
2007-12-21 16:12:26 · 4 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
The program of which you speak isn't one which 'helps you keep your home". It is agreement between the Secretary of the Treasury and the major mortgage lenders to freeze the current rates of certain ARM mortgages for the next five years.
Not everyone will qualify for the program. You should contact your lender for further advice concerning your ability to benefit from this agreement.
2007-12-21 16:19:27 · answer #1 · answered by acermill 7 · 0⤊ 0⤋
President Bush has already done so. He said there will be no increase of your interest rate and it will be frozen period.
He had done that this month. So as of now your interest rate should be frozen. But i would call the lender and tell them that financially you would not be able to pay any more than lets say what a current 30 year interest rate that right now is 5.69%. See bank rate. Ask them to turn your loan into this type of loan or they can have the house back. (believe me they do not want the house) Send a hardship letter in you own hand writing. Remember call and talk to your lender they are there to help more than most people think.
2007-12-21 16:46:46 · answer #2 · answered by Big Deal Maker 7 · 0⤊ 0⤋
To find out if you qualify for the rate freeze, call the bank or other firm that handles your mortgage payments. Many borrowers will not qualify for the rate freeze. There are other possibilities for you. You could try to refinance through FHA, seek help from national or local nonprofit housing organizations, or simply trying working something out with your lender. See the webpage listed below for details.
2007-12-24 12:41:37 · answer #3 · answered by Uncle Leo 5 · 0⤊ 0⤋
Make sure you stay current with your mortgage payment, even the higher one in January. Call your customer service number and ask them if they are a particpant in the program. As I understand it, it is not Federal law and not everyone has to comply. If I understand wrong, I apologize. In the meantime your awareness of your situation and constant contact with your lender is where you need to begin. If you run into difficulty, start looking for housing advocates to help you. Start at your County Housing Authority.
2007-12-21 16:29:57 · answer #4 · answered by tampabaycreditdoctor 3 · 0⤊ 0⤋