Thursday, May 28, 2009

My Adjustable Rate Mortgage is almost up

My adjustable rate mortgage on my home is about to readjust come July 2009, it was originally a 5 year ARM at 5.625% when my credit score was at 700, i am currently contemplating what my options are since it might be very difficult to refinance the loan with my credit. I may look into getting countrywide to work with me on a loan modification program. I do believe that i the value of my home should still be more than what my current balance on the loan is even though it has lost some value over the last year or two. This is going to be a big hurdle for me and i am looking for input in terms of how to address this, wouldn't want to lose the house but i do wonder what my loan will readjust to once it is up (the loan was actually supposed to be tied to the Libor rate i believe, could be wrong, hmmm)

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