Summary
If you have looked around our community lately, you have probably been shocked by the number of boarded up and abandoned houses. The inner city and inter-ring suburbs have become ground zero for one of the most devastating financial disasters to take place in the last 50 years. The so called "sub-prime" debacle coupled with high unemployment have given states like Michigan and my home state of Ohio the dubious distinction of being ranked No. 1 and No. 2 for mortgage foreclosures, according to data recently released by Fannie Mae.
If you think your adjustable rate mortgage qualifies for "fast track," first check your mortgage papers to confirm that you qualify, then contact your mortgage servicer (the company that sends you your monthly statement) to start the process.If you dp not qualify for the fast track plan, there are other avenues that you can pursue to help your situation. Janis R. Wirt, realtor with Keller Williams Realty of Greater Cleveland advises, "Mortgage lenders are in the business of loaning money, not owning real estate. In the current crisis, their survival depends oh keeping your loan as a performing asset. If you feel you have a mortgage problem, the sooner you contact your lender, the more options they will have to work with you."To qualify for "fast track," a homeowner must meet the following criteria: * Live in the residence coved by the mortgage * The original loan was issued between 1/1/2005 and 7/31/2007 * The interest rate resets between 1/1/2008 and 7/31/2010 * Must be current on their mortgage payments (no more than 30 days late) * A credit score below 660 and not likely to qualify for refinancing * Have less than 3 percent equity in their home If you think your adjustable rate mortgage qualifies for "fast track," first check your mortgage papers to confirm that you qualify, then contact your mortgage servicer (the company that sends you your monthly statement) to start the process.See the full content of this document
Extract
Saving Your Home From Foreclosure
If you have looked around our community lately, you have probably been shocked by the number of boarded up and abandoned houses. The inner city and inter-ring suburbs have become groun...
See the full content of this document
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