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johnlisascott · Joined: 11 Sep 2007 Posts: 1 1.37 Dollars($)

We have struggled to meet our rising ARM loan for the last year. We finally got to the point where we couldn't make the payment. We have been over 30 days late more than 3 times so our credit score has hit rock bottom. Is there a place we can refinance and start over?

ckalvesmaki · Posted: Tue Sep 11, 2007 12:25 pm Post subject:

Do you know what your credit scores are? What is the value of the home and what do you owe?

Niicss · Posted: Tue Sep 11, 2007 7:11 pm Post subject:

Is it possible that you would be able to refinance but is the loan current right now or is in default?

Like Cedric said, you need to provide a few more details about your position right now, like the amount of equity there is and present credit score.

ezmortgageloanz · Posted: Tue Sep 11, 2007 11:16 pm Post subject:

If your payments 6 months prior to the adjustment were paid on time you could possibly qualify for the new FHA Secure Initiative (enables homeowners to refinance various types of ARMs that have recently reset, and may have become delinquent, to refinance into an FHA loan).

The new initiative will allow for mortgage payments in arrears (assuming that the loan amount + amount arrears doesn't exceed the geographical limit) while getting the advantages of a FHA refinance (get up to 95% financing on cash out refinances, credit scores aren't a deciding factor, competitive rates, etc.).

This initiative is temporary and due to expire on Dec. 31, 2008 and suggest that you take advantage of the program (assuming you qualify).

Regards,

Scott Miller

larry · Joined: 27 Jun 2007 Posts: 3322 474.67 Dollars($)

Hi Johnlisascott,

U.S. President has recently announced that the Federal Housing Administration (FHA) will help many homeowners to avoid foreclosure by refinancing under the new FHA Secure program. This new FHA Secure program will help borrowers who have defaulted on their adjustable rate mortgages (ARM) because of the rising interest rate. This program will be available only to those borrowers who meet FHA guidelines:

1) A borrower should have at least 3 percent equity in his home.
2) A borrower should have good payment history for six months before the interest rate on the loan has reset.

Generally, you would not have qualify for an FHA refinance loan as you are over 30 days late on your mortgage payment. But under the new plan, you may be eligible for the FHA refinance loan.

This new plan would help risky borrowers to qualify for FHA's mortgage insurance even if they have recently defaulted on the loan so long they have relatively good credit.

Caron

Hi johnlisascott ,

It is true that the market isn't going the way it should. And, I do understand what you've gone through since your payments have gone up. But do not lose hope. Things will be fine but it may take some time.

With the score that you have possibly have, it won't be easy to refinance. But considering the fact that the government has come up with a way out by which people like you can get rid of rising ARM loans, I think you should give it a try.

We do have different lenders in our community offering various types of loans to borrowers having differnt income levels. So, what you can do is, just send us your Request for mortgage quotes. And, we shall forward it to our community lenders.They'll review your loan requirements and find out if they can offer you a loan. And if they can help you with a loan, they shall contact you asap. So, don't worry, always be positive.

Good luck Smile

miller_st · Joined: 17 Jan 2007 Posts: 918 168.95 Dollars($)

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