WeCallYourBank.com » ARM short sale http://www.wecallyourbank.com/blog Wed, 17 Mar 2010 05:53:42 +0000 http://wordpress.org/?v=2.8.2 en hourly 1 ARM coming due soon http://www.wecallyourbank.com/blog/arm-short-sale/arm-coming-due-soon/ http://www.wecallyourbank.com/blog/arm-short-sale/arm-coming-due-soon/#comments Fri, 28 Aug 2009 01:31:16 +0000 admin http://foreclosurenightmare.com/blog/?p=122 Yet Another Related Posts Plugin.]]> We are talking to many homeowners these days who have ARM’s that are coming due, or about to expire.  Most of the ARM’s are going to expire over the next few years into 2013.  The most common of these ARM’s are the Alt-A, Prime, and Option ARM loans.  These are the good credit score borrowers of a few years ago.  You can view one of the ARM reset charts here: http://bubbleinfo.squarespace.com/storage/ivy%20arm%20reset%20schedule.png.   What some homeowners are doing is they see that they have an ARM about to expire or come due and they know they soon won’t be able to afford it, so they are trying to get pre-approved for a new home with financing before they miss a payment with the idea of letting their current over financed home go.  We are helping homeowners with this as well as helping them get a short sale with zero payments behind if the house is over financed.   Even with a hit to your credit from the short sale, please keep in mind you have options from renting, rent to own, or contract for deed. You can still own a home without bank qualifying.   Often your ARM will adjust higher and be very unaffordable to you in the future.  Many times through a loan modification we will find that you won’t get a fixed rate or as low of an interest rate as you’d hope.       After a short sale, you are looking at about 2 years before you can get financing with the Fannie Mae and Freddie Mac guidelines based on today’s guidelines. This is actually not bad as it can take up to 7 years if you miss the payments and lose the house to foreclosure, so the incentive is now to do a short sale.   If your ARM is coming due, or just came due and you are going to miss payments or not, and you likely owe too much on your house, please call us and we can help you with a short sale. We get paid by the bank with the short sale.  Here are the guidelines: http://foreclosurenightmare.com/underwriting-guidelines.pdf

Please go to www.WeCallYourBank.com to get started on your short sale questions with us

Share/Save/Bookmark

No related posts.

Related posts brought to you by Yet Another Related Posts Plugin.

]]> http://www.wecallyourbank.com/blog/arm-short-sale/arm-coming-due-soon/feed/ 0