There's been talk lately on Wall Street regarding a possible recession in the stock market. This is attributed to the ARM mortgages that many mortgage companies made the mistake in selling. Countrywide and many other companies have gone bottom-up due to this and have paid the price.
How can you improve your situation with your ARM - Adjustable Rate Mortgage?
- Freezing of your adjustable rates: The government has recently signed off on this bill - this gives you time to sell your house.
- Don't wait for an unfreeze: If you've had trouble paying your mortgage so far, don't wait for the unfreeze to happen.
- Avoid even higher adjustable rates: Refinance with a fixed-rate mortgage to stop your worries.
Avoiding Foreclosure Advice:
Now's your chance to avoid losing more money and going bankrupt, by selling your home AND by side-stepping high realtor fees.
Virtual Househunter recommends advertising your home where the realtors do (on Realtor.com and the MLS).
Author - Virtual Househunter Editors