Profile picture for glimpse25

how do I get out of a 7 yr adjustable arm?

  • April 09 2010 - Fife
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Answers (7)

Profile picture for aaacck
what index is the adjustment based on.....;I just had a 7/1 ARM. which was locked @ 5% since 2002, adjust last december.  it went from 5% to 3.125%.  Not all adjustables are bad. just need to know the terms of how rhey adjust
  • May 28 2010
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Profile picture for glimpse25
the house value has dropped from $300,000 to $230,000. I got the new house the end of november of 2006. BAC $240,000 with 6.375% and Chase $60,000 at 8.77%. The Loans will adjust Nov. 2013. I have never been late on my mortgage payments and I am not struggling to make my payments now. I am worry when the loans will adjust. I have visited BAC and they said they cant do anything for me. I will have to wait for the new or next Obama hope for homeowner. My mortgages are not own by Freddy or Fannie. What should I do?
  • April 13 2010
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Loan modification or refinance. Have you explored either of these options yet?
  • April 09 2010
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Danny, you posted under loan modification. Is the house upside down and if so, how much? If not, take the advice given below and refi.  
  • April 09 2010
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Profile picture for Liberty Mortgage

To get out of a loan you need to refinance-  In order to refinance you will need equity-  FYI-  Many of the ARMS that are adjusting are in fact going lower, not higher due to the extremely low indexes.  We can determine what your rate will adjust to if you have a copy of your note from your closing.

  • April 09 2010
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Profile picture for tonygim
Simply refinance into a 30 year fixed rate mortgage before they get to 7%++
  • April 09 2010
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Profile picture for wetdawgs
What exactly do you mean by "get out of"?    The simple answer is to refinance to a traditional mortgage.

  • April 09 2010
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