About a month ago, Paulson was talking about a plan to freeze adjustable rate mortgages that meet a certain criteria?
Was that plan passed? I haven’t heard much about it lately. If it was passed, how do you take advantage of it? Is your ARM automatically frozen or do you have to apply some how?
Any info would be appreciated, thanks.
mortgage
It was just a bunch of talk no action has been passed. One lawmaker might say something but a majority has to agree.
No..it hasn’t been passed. We do carry the new FHA Secure loan so if you have been current for the last 6 months before the rate has or does adjust you could qualify. Let me know if you need to see if you qualify.
There is no automatic freezing, nor is there any law passed which mandates such freezing of rates. Several of the larger mortgage firms (lenders) have voluntarily agreed to hold rates on adjustable rate mortgages for the next several years. However, they are not mandated to do so.
For further information and guidance, please visit the supplied URL.
1-888-995-HOPE is the Government hot-line for helpful information and advise for you. They are HUD approved counselors and can give you the advise you need for your individual situation. Good Luck!