gregorygarver.com

Kekionga · Joined: 28 Dec 2005 Posts: 6

Almost two years ago, I, like so many others, refinanced my mortgage with a two year ARM. The deadline is rapidly approaching that they ARM will BLOW UP and I am now upside down on my home. Are there any assistance programs or lenders who help someone in a mess like this? Please help!Almost two years ago, I, like so many others, refinanced my mortgage with a two year ARM AND rolled in my credit card debt. No problem, everyone said...your home will increase in value and in two years you refinance. The deadline is rapidly approaching that they ARM will BLOW UP...I am already upside down on my home because of the way the bubble burst (i live in an area that has always increased in value until recently). Are there any assistance programs or lenders who help someone in a mess like this? Please help!I should add that when I refinanced my mortgage with a two year ARM I rolled in my credit card debt borrowing more than the value on my home. No problem, everyone said...your home will increase in value and in two years you refinance. Sooo...I am already upside down on my home because of the way the bubble burst (i live in an area that has always increased in value until recently) and facing an increase in payments because of the ARM.

Mortgagemom · Joined: 14 Jan 2007 Posts: 5

Not yet, at any rate.

whocares · Joined: 06 Mar 2005 Posts: 3

Yes. Call your lender immediately and make an appointment for a face to face meeting with a loan officer.Many banks are trying to help their customers avoid foreclosure - so don't wait until you are late on a payment or facing bankruptcy.Don't be embarassed.Call your lender.Good luck and best wishes.

Yeppers · Joined: 05 Jul 2005 Posts: 6

Yes, call your lender, but you are going to have a very hard time, especially being upside down on your house. There is not a government assistance program or anything out there, if that is what you are looking for.

ferozd · Joined: 20 Apr 2006 Posts: 3

Call your lender and ask about a "Streamline" refinance. No new appraisal is needed, no requalifying is required. If you can do it it is the cheapest and easiest way to convert to a fixed rate loan.

MsParker2573 · Joined: 12 Jun 2005 Posts: 5

Like all others said call the lender. They are the only ones who Will be able to help you. There is no govt assistance if that's what you mean, bush has made it clear the govt will not be bailing people out. Sorry for your dilemma. Remember when you call the bank you want the loss mitigation department.