tr31

Stuck in ARM and Upside Down

Recommended Posts

Hello all,

Hoping that someone might be able to give me some advice. We are currently in an ARM with a current interest rate of 6.25%. We've had this loan for a few years now and are now trying to refinance to a fixed rate loan.

The problem is that we are now underwater on the loan. We owe about 198K with a home value of about 140K.

Neither Fannie or Freddie own the loan, and we don't qualify for a loan mod due to the fact that our payment is not more than 31% of our monthly income.

Is there anything that can be done???

Share this post


Link to post
Share on other sites

.

Payment less than 31% of your income, able to afford the mortgage, not behind, no hardship - what are your looking to do?

Your have two options - send extra into your payments to pay the mortgage down, or wait till the value comes back up.

.

Share this post


Link to post
Share on other sites

Looking to get out of the ARM before interest rates rise and I can't afford the payment anymore and end up in foreclosure.

Share this post


Link to post
Share on other sites
Guest
This topic is now closed to further replies.