Posted on: 22nd Jun, 2009 10:55 am
I took out an ARM with WaMu in Aug '05. It was killing me added $80k to my mortgage balance. I refinaced my ARM in Dec '07. In Oct '08 lost my job. I now rent the property out and live in our second home(mortgage free but $13k in RE taxes). The rental income almost pays the mortgage and taxes on 1st house. Wife working total HHld income $25k. If not for a gift from parents we would already be destitute.
You MAY qualify. Call WaMu and see what they say.