What type of 5/1 ARM do you have? You may have a loan that will adjust to a lower ineterst rate given our current climate. Take another look at your Adjustable Rate Rider in your loan packet to see what your Index is & how much margin is added to the Index to determine your final rate for th next year. Also, look to see if you have a "floor" for your rate. This is the interest rate that your loan will not go below.
Good luck, Agent Oso!
Roswell Moore, CMPS
Certified Mortgage Planner
My Mortgage is not under freddie mac or fanie mae.
My mortagage about125% above value.
Thats the problem, I am not in the trouble yet until the 5/1 ARM due in couple months and I try prepare.
Do you think, I can get another 5/1 ARM since I plan not to stay in the house more than another 5 years?
Fannie Mae - http://loanlookup.fanniemae.com/loanlookup/
Freddie Mac - https://www.freddiemac.com/corporate/
I should also mention to be careful not to use punctuation marks. Once you have determined that your loan has been sold down to Fannie or Freddie, then check out the Federal programs known as Home Affordable Refinance Program and Home Affordable Modification Program by clicking the following link: http://makinghomeaffordable.gov/index.html
Click on each of the two programs (Refinance and Modification) and answer the questions. This will tell you if you fundamentally have a chance at getting the attention you believe you deserve prior to making that call to the lender. If you need more info, feel free to contact me.
Owner/Broker/Realtor (DRE Lic # 01467034)
Ironhorse Real Estate Services
Tel # 925-939-2743
And also get your property tax reassessed. Every bit of reduction in monthly payments helps.
Try speaking with an independent mortgage broker, too.
Take solace in the fact that you are not alone.