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jayriggs11 · Joined: 04 Oct 2009 Posts: 1 1.38 Dollars($)

Hi,

5yr I/O ARM is resetting in January 2010. The reset rate is 6 mo LIBOR + 2.25%. The rate isn't the issue as 6 mo LIBOR is currently around 60 bps, but the loan doesn't re-amortize at 30 years. I'm not seeking any type of principal reduction at all, but would just like the mortgage period reset to 30 years. Never late, pay more when possible...GMAC is the servicing company.

As with most homes, our value dropped, but it may be back to the amount of the 1st...depending on where you look! Of course, wouldn't know unless I tried to sell it!

Have a 2nd, too, but that's for a different thread.

Any suggestions on how to approach GMAC with this?

Thanks!!

sunnyca2009 · Joined: 04 Aug 2009 Posts: 1731 35.55 Dollars($)

Have call them asked if they can give you any options

I think you shodule call them and find out what are your options. Refinance or modfication

jenkin7 · Posted: Mon Oct 05, 2009 2:55 am Post subject:

Hi jayriggs,

I don't think your mortgage lender will agree to re-amortize your mortgage once the interest only period is over. You will have to refinance the loan in order to do that. But given the fact that the value of your property has gone down, a refinance will not be possible. However, you can definitely discuss your options with your lender and check out if they have any suggestions for you.

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Will a mortgagor re-amortize a 5yr I/O ARM?