Posted on: 29th Jun, 2011 08:34 am
My ARM is continuing to go up in interest, to a point that is not reasonable to attempt to maintain. The mortgage amount is over $425,00.00 and the re-sale value is approx. $225,000.00.
All payments have been made on time since the mortgage first opened. (over 4 years)
How to I present my situation to my lender? I need a fixed rate at the lowest rate possible so that my monthly payment will be a fixed rate.
All payments have been made on time since the mortgage first opened. (over 4 years)
How to I present my situation to my lender? I need a fixed rate at the lowest rate possible so that my monthly payment will be a fixed rate.
if you are underwater on your home by that much, there is no refinance program available. you can try to see if your lender will modify your loan. you need to complete the short sale, or loan mod request packet, from hafa, under the making home affordable program. keep in mind that few people have actually received the permanent loan modification. short sales are more common to get accepted. also, your community or city may have a program to help with some of the mortgage payments. there is also a new program from the fed, call ehlp. also they give $ to help with payments in select cities/states. good luck
Chris' advice is cogent. Try to take advantage of all programs you can - seek the assistance of a housing counselor if you feel the need (even if you don't). He's absolutely correct in saying that no lender is going to be able to refinance your existing loan when the property value is so much less than the amount owed.
