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Our problem, is that my husband was laid off from work, since Aug of 08. We now rely on his unemployment to help. our payment is 1785 a month for 5.75% what can we do to lower it? I make 1575 per m
Dorothy Aguirre, May 20, 2009
my problem is that I owe 172k on my home I have an arm loan and my house is only worth about 130k right now.My yearly income also dropped about 60k due to the fact that Im now disabled and unable work
dave, February 24, 2009
ARM loans aren't all bad. It is important to know where your ARM comes from. Subprime loans are tough loans and bad ARM's because when they adjust the margin is so high your rate goes up and up even in this environment. Now if your loan is with Fannie Mae or Freddie Mac (conforming) your monthly payment is more than likely going to go down. Now that helps in the short run. To refinance now with the current guidelines it's not possible. Now if the new administration can pull off what they talk about there might be help in the future. To this point it all sounds good but that is all it is Talk. Even today they are making it more difficult for borrowers by raising the bar; needing higher scores, lower loan to values, ect..
If you would like me to over with you what your payment might change to feel free to call me. Have ready the folder they gave you when you closed last.
Andy
February 24, 2009
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