Answers (7)
- aaacck
- Contributions:8
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
- Danny, "glimpse25"
- Contributions:5
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?
- Tonya Brobeck, "Tonya Brobeck"
- Contributions:637
Loan modification or refinance. Have you explored either of these options yet?
- Clay Branch, "Georgia Loans"
- Contributions:8829
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.
- Liberty Mortgage
- Contributions:470
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.
- Tony Gim, "tonygim"
- Contributions:158
Simply refinance into a 30 year fixed rate mortgage before they get to 7%++
- wetdawgs
- Contributions:40759
What exactly do you mean by "get out of"? The simple answer is to refinance to a traditional mortgage.
how do I get out of a 7 yr adjustable arm?
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