My ARM does not adjust until December 2010. What should I do now to prepare for this? I'm currently upside down on my mortgage.
My fear is that when my ARM adjusts I will no longer be able to afford my home. I have contacted my current lender (IndyMac) a few times and I am not getting a reply back. Any assistance is appreciated.
Answers (1)
FIRST ANSWER
Your ARM may adjust to a lower rate but you won't know that until around Dec. 2010! Alot of people think that when a loan adjusts that the interest rate goes up. That is not always the case. If you are happy where you live, I would hang in there. If it adjust to a higher rate next year, maybe your bank will allow you to do a loan modification!
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