| If you have an adjustable rate mortgage that has | | | | balance that has to be addressed. |
| adjusted you know the stress and anxiety it can bring, | | | | However there are some obstacle to overcome with |
| especially in todays troubled real estate market. If you | | | | this program. First your current lender will have to |
| are seeking some sort of ARM mortgage relief you | | | | forgive or hold as a second mortgage any remaining |
| have a few different options to choose from. Each of | | | | balance after the refinance. You will also have to |
| these options has its place and you will have to decide | | | | qualify for the standard FHA debt to income ratios |
| what program will best fits your situation. | | | | which are about 45% maximum. So if you cannot get |
| Just Refinance | | | | around these roadblocks you will have to find another |
| The first option for ARM mortgage relief is to simply | | | | way. |
| refinance into a standard fixed rate mortgage and | | | | Working With Your Lender |
| stabilize your payments. Although this may sound easy | | | | The last option for many people seeking ARM |
| many home owners have homes that have | | | | mortgage relief is to workout a loan modification or |
| decreased in value or have been late with their | | | | repayment plan with their current lender. What this |
| mortgage recently making this option next to | | | | entails is the lender changing the terms of your loan. |
| impossible for many people. If you are unable to | | | | They may opt to give you a fixed rate loan or extend |
| refinance your loan then you must use an alternative | | | | the fixed rate period for your ARM. They may also |
| method. | | | | add any past due payments into the balance of the |
| Government Programs | | | | loan and let you pay them off over time. While it may |
| The next option is to use a government loan program | | | | seem like a last resort this is actually the easiest of the |
| known as FHA Secure. This program was specifically | | | | options to accomplish and can most times be done |
| designed by the Bush administration to let home | | | | right over the phone. |
| owners who have late mortgage payments and | | | | When you are facing increased payments or the |
| decreased property values refinance into a fixed rate | | | | possibility of losing your home you need to find help |
| mortgage. With this program you can refinance up to | | | | fast. The longer you wait the harder it is gong to be, so |
| 97.75% of your home current value, so if you have a | | | | you need to decide what method will help you out and |
| home that decreased in value there will be a remaining | | | | get started before it is to late! |