Re: I'm about to hit the wall... $1.5MM ARM is killing me
Posted by Mandy on August 27, 2007 at 17:48:07:
In Reply to: Re: I'm about to hit the wall... $1.5MM ARM is killing me posted by helpinghomeowners on August 27, 2007 at 13:57:36:
I read an article about foreclosure options and I found this info that may help you.
https://www.efanniemae.com/sf/homestay/index.jsp
See if mortgage relief is available in your state. “In Massachusetts, for example, the governor mandated that homeowners in financial trouble be allowed to request extra time to avoid foreclosure. Their cases will be considered individually. In California, legislators have proposed creating a mortgage pool to assist first-time homeowners in trouble. Fannie Mae and Freddie Mac soon will introduce their HomeStay program, which is designed for borrowers with adjustable-rate mortgages who are at risk for payment shock.
Ask for a forbearance (you temporarily pay nothing or only a minimum amount, making up the payments either over time or at the end of the loan) or a loan modification (the lender temporarily adjusts the interest rate). The better your credit score and employment history, the more receptive the lender will be. But note that some lenders may not be able to change the terms of your loan until you're at least 30 days delinquent, and sometimes as many as 120 days past due.
I will never hurt to ask.
Good luck.