- Find a Real Estate Professional
- Realtors®
- Mortgage Lenders
- Home Improvement Pros
- Other Real Estate Services
- Review an Agent, Lender or Pro
- Marketing on Zillow
- Real Estate Agent Advertising
- Join the Professional Directory
- Popular
- Real Estate Market Reports
- More
Answers (2)
- HomeSand.net, "White Picture"
- Contributions:4396
The bank didn't hold your mortgage, the 3rd party does, if the bank converts your ARM to the fixed rate which means they had to repay the mortgage's amount to the 3rd party then sells your new mortgage to another 3rd party which is not guaranteed that any investor is going to buy that since the new mortgage amount is more than your currently home value.
- Mark Gelbman, "Mark Gelbman"
- Contributions:222
If you owe more than 125% of the appraised value, only your current servicer can help you. If you owe less, and your current loan is either a Fannie Mae or Freddie Mac, then you have options.
SEV dropped drastically, Must refinance before ARM is up
I have a newly built house with a loan of $319,000 due. The recent SEV is approx. $108,000 So basically around $216,00.00 is the home value (by the old rule of thumb of doubling the SEV). The ARM is up in less than 2 years. Credit score is flawless.
Bank of America kept telling us to wait for Obama's refinance plan blah blah blah. So we did, we inquired when it FINALLY came out and all it was was the home loan modification program. No way we were doing that. We can make our current payments, I just want to basically move my 5yr ARM loan to a 30yr fixed loan. I don't understand why banks cannot just do that.
Is there some type of program that will convert the loans? I fear when the ARM expires, we are not going to be able to make payments based on the hypothesis that rates need to go up at some point?
BTW, the other answers we were receiving from the banks were for us to BE late on our payments before they could do anything-ridiculous for people trying to be proactive!
Stating a discriminatory preference in an advertisement for housing is illegal. If you think this content is discriminatory or otherwise inappropriate and feel it should be removed from Zillow, please let us know by completing the information above.
We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.