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Posted by Steve on May 31, 2007 at 18:18:14:
Been watching this board for quite awhile, and am looking for some helpful advice. I live in Michigan, and am currently making my mortgage payments on time. Unfortunately, my ARM is adjusting, as is I'm sure alot of others, and am fearful of not being able to make the increased payment. I've contacted my mortgage company in advance, and have been basically told that since I am not in arrears, there is not much they can do for me.
I have tried the re-finance route, but with no luck. I have $170k in two loans, and the house has been appraised for $125k-$135k, so I'm in the negative. My rate on the 1st is 5.4%, and is going to 8.4% in July. I owe $140k on that. My second is 7.9, and is good until 2017. My payments are rising $273/month, which, while it will put me in a huge pinch, is manageable.
I'm wondering what can be done to work with Mtg. companies ahead of time. I can forsee a time of foreclosure, but since I haven't missed a payment, no one seems to want to help. My credit is very good, and am trying to avoid deliquency. Why is it that no one wants to help if your not "technically" in default? I'm trying to be proactive. Thank you for your time.
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