Ziay!

TWN

I have lived in my house almost 12 years, have never been late on my payment until last month. I am a single mom with 3 kids one of which had a major stroke last summer leaving him with some paralysis, so keeping a rambler style house is to our benefit . Every one says contract your mortgage lender before you fall behind, which i did in december and eventhough I have been a good customer for 11 years they said that they can not help me with my adjustable rate mortgage. I cant hold on much longer and I dont know if there is anywhere else to look for help?

Luv2Answer

Go to another lender. Tell them your situation. They should be able to help you refinance at a lower fixed rate.

Bandit

Lenders will not help you. They simply don't care ! You might be able to get a loan elsewhere, but the late payment goes against you. The feds have dragged their feet on helping homeowners (the legislation was meant to help lenders anyway). You might search for government backed loans on-line, but again this could take months to get financed. You might try and sell the house for whatever you can as an option of letting the lender foreclose on it.
Good luck.

wattpower

look for a fha approved lender in your area, they have a ARM bailout program now they may be able to help, there are 3 party companies also which charge $ upfront to negotiate with the bank on your behalf, may be able to arrange a short sale of your home without damaging your credit history. better get on it asap!!! banks are going nuts....