by Anonymous on November 9th, 2008

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I have 12.3% ARM on my home. Mortgage sold three times in last year. I requested a modification. Will the government bailout help me to get it? Do I have to be behind on payments? I need lower rate. Please advise.

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by Scott D - ex-QnA on November 9th, 2008
Has your ARM indexed upward to this rate? Or has it always been this high and is poised to go higher?

If you have made timely payments you may have a good shot at a lower rate, but you cannot make too much or too little money to qualify.

Ask you current lender if they can perform a loan modification. If they cannot, ask them if it would make any difference if you missed a payment. Some lenders will not tolerate a single late, while others will not modify the loan without one. Go figure.
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I have 12.3% ARM on my home. Mortgage sold three times in last year. I requested a modification. Will the government bailout help me to get it? Do I have to be behind on payments? I need lower rate. Please advise.

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I have 12.3% ARM on my home. Mortgage sold three times in last year. I requested a modification. Will the government bailout help me to get it? Do I have to be behind on payments? I need lower rate. Please advise.

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