December 18, 2007
How to Prevent You from Home Foreclosure and Losing Your Home?
Some ten million adjustable rate loans are slated to undergo a “rate reset†over the next three years, and millions of American homeowners are wondering how they are going to make the new monthly payments, projected to be as much as double their current monthly expense.
Recent proposed Bush Plan of rate-freeze to stop foreclosures only one forth of the home owners potentially will face foreclosure. To be qualified to the rate-freeze, you must meet the first round of requirements for the plan: subprime adjustable-rate mortgages (ARMs) with an initial fixed-rate period of 36 months or less, originated between Jan.1, 2005 and July 31, 2007, with interest rates that reset for the first time between Jan. 1, 2008 and July 31, 2010. The plan applies only to loans that have been packaged into securities and not those that are held by banks on their own books.
If you have a subprime adjustable-rate mortgages, and think you may not be qualified for the rate-freeze, you may need to consider taking proper actions to protect your home. Read more
Pownce it!