I Am Unable To Refinance My ARM Mortgage - What to Do When You Are Cannot Refinance Your ARM Loan

I Am Unable To Refinance My ARM Mortgage - What to Do When You Are Cannot Refinance Your ARM Loan



There are tons of home owners spread across the country that are unable to refinance their ARM home mortgage. These borrowers are literally stuck in their adjustable rate mortgages and many do not know what to do to get out of them!The Reason You Cannot RefinanceThe vast majority of home owners are unable to refinance because their homes values fell when the bottom fell out of the real estate markets a few years ago. The drop in value left many people owing more on their homes they then were now worth making refinancing impossible.Another big reason that people are unable to refinance their ARM mortgages is that the programs that they used to buy or refinance their homes are gone. This is especially true for people who used sub prime loans, stated income loans and other exotic loans to buy and refinance their homes.What Can You Do If You Are Stuck In an ARM Home LoanCurrently their are some good federal government programs that will refinance your home up to 105% of the value. This program only applies to first mortgages that are Freddie Mac or Fannie Mae mortgages so many people are left out.The other government program called the home affordable plan gives mortgage lenders a cash incentive to lower troubled borrowers interest rates, this is the home affordable plan.You can also call your lender and ask them to modify your loan and either give you a fixed rate or give you a longer time period before your loan adjusts. Many lenders are happy to do this for borrowers who have paid on time, make enough money to actually afford their home.All three of these options can help you keep your home and stay out of foreclosure if you are struggling with a high payment adjustable rate mortgage.