Got a Broken ARM (Adjustable Rate Mortgage)....Let Me "Fix" It!

Are you one of the millions of homeowner's who purchased or refinanced a home in the past couple of years with an Adjustable Rate Mortgage (ARM)? This is a Consumer Call to Action. Don't wait to become a Foreclosure Statistic!

For many who obtained one of the many types of ARM's there may be a "day of reckoning" on their horizon. Their payment adjustment notice may visit them like a thief in the night with a monthly payment increase that may be in the hundreds of dollars.

Not a week go by that I get people telling me, "I don't think anyone else has an interest as high as I do". I then ask what that rate is & they tell me either 12 or 13%. Without fail there are many people that have been stricken with the modern day financial influenza of our nation. Families are being broken and many need help.

Don't wait to get help .... start doing your "home work" right now. I encourage you to pull out your paperwork and review the terms of your Adjustable Rate Mortgage. Determine what, how much and when your present loan terms may change. You could be in for a "rude awakening". Presently, there is a housing glut in many areas of the country (ie. Florida, California, Nevada, Arizona and many other locations). If so, this probably represents a buyer's market with declining values. Don't allow a reduced property value to impact on your ability to refinance or the quality of terms that you can obtain.

If you are a homeowner that is experiencing difficulty in meeting your monthly mortgage obligation for this or any other unexpected reason don't ignore the problem.....it will not go away!

There is a high likelihood that you are eligible to refinance into an FHA loan to not that has a fixed rate for 30 years. Most people don't know they may be elegible to qualify, even for credit challenged borrowers. If you have 2 years of job history (even if you have worked for different companies) & you have pay stubs (& possibly your tax returns) to prove your income.

If you cannot refinance & that is not an option based on your circumstances, then call your mortgage lender/holder and explain your circumstances and ask for their assistance. This is an option if your starting to go downhill & there is no way to refinance at all. Some banks are more willing to cooperate if you initiate the dialogue. Some, like Countrywide, are a pain in the back side to get anywhere as they want to own your house and not help you out.

If you believe that you are at a point of no return....work on the sale of your home. A foreclosure will haunt you and your credit for several years. Call your Realtor and start the process of getting your home on the market. Time is of the essence! If you owe more than what you can sell your home for I have friends that are Realtors that are very experienced in "Short Sales".