3. Interest Rate Skyrocket? Dealing with ARM and how to refinance.
One day you received your mortgage statement showing your balance has increased several hundred, you panic because you cannot afford this huge jump of increase monthly. You send what you can afford but lender says you are behind. You do not know what to do next.
First step, call your lender to see if they can modify the loan. Most of the time they will modify the loan to keep you from becoming foreclosure.
If lender decline modify loan after several calls. Then contact your mortgage banker or broker to see if they have FHA Secured Loan.
You can contact bank or broker to see if they have FHA secured loan. This is designed for people who learned that their mortgage monthly payment skyrocket due to interest rate increased from ARMS. Please contact your mortgage banker or broker to see if this is your best option.
If you do not qualify for this loan, then consider three options. Sell or bear with payment until you qualify. Or call 1-888-995-HOPE or visit the website
Homeownership Preservation Foundation (www 995hope com).