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Question concerning mortgage


BobKat
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I have an arm that will reset in Oct and a prepayment that is due to drop Aug 15th. While I actually can afford my home on paper I have been cleaning up credit issues for the last 5 years from a lost job and stupid decision. Anyhow my question is this would it be wise to call my mortgage holder and ask for an extension on my arm. I am hoping that within the next two to three years God's willing to be clean and clear of credit issues from my past. My current and open credit is good never late on mortgage payment or my car payment or any of my exsisting credit cards in the last 4 years. My old debt is out of SOL and will fall off in another two years. Actually tried to pay them and they couldn't find my information that was two years ago and the last activity date on my CR is 6/03. I really don't want to refinance now because I am not sure where my home would come in apprasial wise I don't think that is lost much value if any, I just don't want to pay for something that I am not sure about. Well if anyone has any advice I would greatly appreciate it. I was actually thinking I could negoiate that they could leave the prepayment penalty in place which I think they would anyhow. I really need some good advice.

Thanks

Kathy

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There is a loan that is very forgiving with credit issues and has received new funding to help people, like you, that are stuck in ARM's. That loan is called FHA.

It is the face of a Federal Government bailout.

Read about it in my post here:

You could probably do the refi now. FHA rates are killer low right now, you will be under 6% for a 30 year fixed.

Worth looking into if you've been struggling to find a loan elsewhere with no success.

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Thank you , I haven't been struggling I just haven't tried. I am doing much reading and I am trying to avoid any trouble. I will look into the FHA program. I bought a house with them 20 years ago it has since been sold.

Thanks again

Kathy

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FHA has changed quite a bit over the years, you will be pleasantly surprised. What I meant about the FHA secure program is that it has below market interest rates and allows very low equity and very low credit scores. It will even allow mortgage lates.

A regular FHA refinance may turn out to be best. Either way it is a loan with a lot of collateral benefit.

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Thanks for the input. I did start the refi process, I am just hoping that my equity has stayed steady. It did the last time we were in a housing slump, so fingers crossed. The up side is that all the work I did to try and restore my credit has been paying off still not where I want it but up none the less.

Again thankss

Kathy

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