What is the best thing to do when you are behind on mortgage payments and you can't re-finance?
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no re-finance because of Bankruptcy
arm loan is up and interest going up to 9.39% and every six months after that up or down a point.
What is the best thing to do when you are behind on mortgage payments and you can't re-finance?well, let me tell you this is happening to my son right now....he has tried to sell the property but with the market being so down and falling more every day...he has been unable to sell. as of april he defaulted and on august 18th his home will be auctioned off.
you could let it go into foreclosure and walk away...that is happening everywhere right now. you will be able to purchase property again (federal law gives you that right 24 months after foreclosure date).
you should also contact your mortgage co. first and see if they can offer you any assistance.
lastly, let me suggest ---do not accept any of these offers on the internet where they guarantee to REFI you.....it will again be a scam similar to the Arm and you'll be farther down than you are now.
what you are looking for is a refi with a 30 yr fixed no early prepay penalty and this is really hard to find in this market right now unless you have exceptional credit.
good luck and stay away from the scammers.
What is the best thing to do when you are behind on mortgage payments and you can't re-finance?Sell. The interest rates will not be going down anytime soon.
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