those adjustable loans after 2 years

**100dollarbill** · 06-24-2008, 05:29 PM

so, hi guys, i tried searching for the topic im about to ask but no luck

i have those adjustable loans that after 2 years the mortgage tries to rise. i bought in 06. now, its 08 and afte this year im assuming its going to skyrocker if i dont do anything about it. now my question is, since i cant refinance since properties have gone down! i heard you can come into agreement with the bank, and consider a "modifaction" of monthly payments? is there such thing? if so how much it would cost me if i pay someone to do it for me? i did not know there was such thing that you can do. I acquired this loan with bad credit, my credit is higher now , and i havent missed one payment ever since. i have reduced my business overhead (rent) by half. So if this is possible someone tell me its legal

**jamesww** · 06-24-2008, 09:14 PM

Originally Posted by 100dollarbill

so, hi guys, i tried searching for the topic im about to ask but no luck

i have those adjustable loans that after 2 years the mortgage tries to rise. i bought in 06. now, its 08 and afte this year im assuming its going to skyrocker if i dont do anything about it. now my question is, since i cant refinance since properties have gone down! i heard you can come into agreement with the bank, and consider a "modifaction" of monthly payments? is there such thing? if so how much it would cost me if i pay someone to do it for me? i did not know there was such thing that you can do. I acquired this loan with bad credit, my credit is higher now , and i havent missed one payment ever since. i have reduced my business overhead (rent) by half. So if this is possible someone tell me its legal

Ok, first of all your interest rate may not shoot up depending on what index it is fixed to. The index it is fixed to should be in your paper work that you signed at escrow when you bought your home. You need to check this before you think about going the modification route. Next if you have paid on time and cleaned up your credit you very well could get a new loan at reasonable rate. This is another reason why you do not want to go straight to the modification route.

Next, the reason why I am not immediately encouraging you to go and try and have your loan modified is because for you to meet the requirements of the lenders willing to do this you must be 90 days late on your payment and show that you can not meet the new adjusted payment for financial reasons. If you can afford the difference and you want your credit to improve do not become 90 days deliquant on your mortgage. The only more damaging thing you can have on your credit report is a foreclosure or bancruptcy.

For anyone on here to give you more information or help you we need to know more. If you would like me to help you find out weather and how much your mortgage payment will rise private message me. Hope I have helped and good luck to you in what ever you decide to do.