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Old 09-11-2008, 07:26 PM
 
2 posts, read 3,676 times
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I heard earlier this year that Bush passed a bill stating that you could lock in your interest rate if u have an adjustable loan. I was wondering is there a special packet that you have to complete, and how long does it take. If u have any information on this topic PLEASE respond. Thanks Kim
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Old 09-12-2008, 11:08 AM
 
Location: Cary, NC
1,036 posts, read 3,633,607 times
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Sorry.... I assume you mean a loan modification. You would need to contact your lender and get them to agree with this. There have been bills passed to try to make it easier for home owners to refinance into FHA loans with fixed rates, but its a refinance and you need to qualify for the new loan.

The credit standards are a bit more relaxed on FHA, and you can have late payments on the home if you can prove they were caused by the rate adjusting. You can not have other credit problems and you have to be able to prove you can afford the home and your other debts. Typically they will want to see current paystubs and 2 years of tax returns, so if you bought using a "Stated Income" program you can't qualify.

The last important part is the appraisal. If the home is worth less than you currently owe you need to get your lender to agree to write it down to 90% of the current value. Its still a tough process and not an easy fix like politicians make it out to seem in the sound bites.

Post a little more about your situation and I am sure you will get more advice on your options.
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Old 09-28-2008, 07:06 PM
 
3 posts, read 6,972 times
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Default Loan Modification is a Great Option

I agree with rcarillo "the bill" related to providing guarantees for FHA backed loans for distressed borrowers who could demonstrate that they went late on their payments due to ARM rate adjustments.

Loan Modification is the way to go right now, lenders have been squeezed by bad loans and government pressure to fix theses bad loans.

Lenders are anxious to help borrowers whether they are late or not. The last they want right now is more of their loans going bad.

As a result the cuurent Loan Modification Boom is in full swing.

Take advantage now while you can.

Dan Harris
LoanModBook.com

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