Mortgage Problems: Prevent Your Adjustable Interest Rates From Rising
Much of the business force in the United States is self-employed. Despite this fact, lenders have a bear of a time coming up with ways to handle such people. Home loan lenders like things in a nice, orderly box. They don’t like variations. They want certain numbers to appear on their applications. They then want to take these numbers and run them through their nice computer program, which then kicks out a “yes” or “no” answer on whether the loan should be made. Self-employed borrowers do not fit within this nice, neat box scenario.
Where you turned down for credit issues, decreased property values or tightened lending guidelines? It really does not matter because your stressed out bad wondering what to do and looking for some answers right? take a deep breath and calm down because there are a few things you can do to deal with your increasing rate and payments.
First thing is you need to determine what you can eliminate from your monthly expenses until you can get your mortgage problems squared away. Luxury expenses like cellphones and cable TV should be the first to go. It will probably be hard to let these things go but if you want to save your home it is an absolute must do. Next call your lender and tell them about your situation. Explain to them why you cannot refinance your adjustable rate mortgage.Also let them know what attempts you are making to divert money towards your mortgage payment.
The next step is to ask them if they are willing to work out a loan modification with you. The chances are very good they will modify your loan to help keep you out of foreclosure. In many cases they will change an adjustable loan into a fixed loan and allow any back payments to be made up over time. Your chances will increase if they see you are making an effort to keep your home and you did not have a history of late payments before your adjustable rate mortgage reset.
By getting the help you deserve, you will be able to save your home, reduce your monthly payments and also regain the financial freedom that you and your family deserve. Obviously at this point the only thing that’s keeping you from saving your home is time. By taking action before it is too late you can stop the adjusting mortgage interest rates that is affecting you and you will be in a better position to regain control of your home once again.