What do you do when your loan is about to adjust?

Well, this is a problem which many people face today. What do you do when you loan is about to adjust? That is the magical question...

A few years ago, you probably bought a wonderful home and were misguided by your loan consultant. Your loan consultant advised you how great of a deal an adjustable mortgage was and you went for it due to the repoir and trust that you developed with your loan consultant.

What your loan consultant failed to tell you was that they were making a huge commission from your ARM (Adjustable Rate Mortgage) loan.

Due to the "Teaser" rate which you received from your adjustable rate mortgage, you initially believe that life is great until reality kicks in.

At some point in time the teaser rate goes away and your notes adjusts to the current markets rate. As a result, your payment goes from $1500 a month to $2300 a month. You now find yourself in a tough situation and your options are as follows:

1. If you have 70% loan to value on your note, you can refinance your property to a fix rate
amortized over a 40 year period. By doing this you can take advantage a fixed rate mortgage
and your payments should be close to what they were initially.

2. Your second option would be to "Tough it Out". This is an option for a person/family with
little or no equity who wants to desperately stay in their home. This option will require lots
of sacrifice however, you have to do what you have to do.

3. You can sell you home for a future price and stay put for awhile. In layman's terms, you could
sell your home utilizing a lease option where someone gives you option consideration
(down payment) By receiving option consideration from someone you are giving them the
option by purchase your property at an agreed upon time in the future.
This gives you the homeowner extra income to stay in your home when the price adjusts.
At some point in time the optionee may exercise their option to purchase the property or
they may not. If you are interested in learning more about this call me at (888) 827-7052

4. An outright sell. This probably isn't your goal however its better to sell then receive a
foreclosure on your credit!

Whatever you decide to do, Good Luck. I wish you the best.