In real estate if my house doesnt sell by nov 11 07 i would like to refinance keep my house?

Francesca
I have an ARM that goes up again in January. I already can't afford the payments. My SS check is $927 a mo. & my payments are $911, with 8.5% interest. I want to retire, cause I am 62 yrs. old, & not able to update my house or fix it up myself & not able to afford to do it. I have been here 14 yrs. I already have my new retirement home, a Motor Home & some property 40 miles away. I don't have much money & my husband to be is on disability, & not looking forward to His open heart surgery within the next year, again.My ARM gets over on Nov.11. I was not well informed about the ARM when I refinanced almost 3 yrs. ago. The person that did the refinancing told me the ARM wouldn't happen. But it did last yr. My payment has gone up 2X since, & due again in Jan. Can anyone help me??

Anisha
You might not be able to refinance until 6months AFTER your house is TAKEN OFF THE MARKET.there are many lenders who wont lend to that certain conditions.You should look into a FHA mortgage...there highest rates are at 7% right now...you can probably get something lower.

Cristal
National Home Recovery Program for foreclosures http://www.nhrp.com/ Steps that can be taken to prevent foreclosures: http://www.consumerlaw.org/initiatives/s…HUD Initiations of foreclosures, an explanation http://www.hudclips.org/sub_nonhud/cgi/n…HUD: Servicing and Loss Mitigation on Foreclosures http://www.hud.gov/offices/hsg/sfh/nsc/f… Site #2 http://www.hud.gov/offices/hsg/sfh/nsc/n… HUD: Approved House Counseling Agencies includes foreclosure issues, by state http://www.hud.gov/offices/hsg/sfh/hcc/h… HUD: Article on Foreclosure Issues http://www.huduser.org/Periodicals/ushmc… Rights of Older Americans http://www.abanet.org/publiced/practical… USA.Gov Senior Citizen’s Resources http://www.usa.gov/Topics/Seniors.shtml Housing from the US Government http://www.aoa.dhhs.gov/eldfam/Housing/H… Services for Seniors from the US Government http://www.aoa.gov/eldfam/Service_Option… USDA Housing repair grant information for the elderly http://12.46.245.173/pls/portal30/CATALO… Inventory of Affordable HousingPlus Services – Initiatives Report http://www.huduser.org/Publications/pdf/… I hope the research information helps you out.

Catalina
You should be able to sell low enough to get out. With 14 years of ownership I doubt you refinanced for anything close to the actual value of the home. I don't know why you believed someone saying something would not happen when the contract clears states that it will.You won't have any more trouble refinancing in Nov then now. Some people believe Bush is going to lower the prime rate to help people, so you may want to wait for that.Get a fixed this time. They are 6.35%, and likely to lower.

Felisha
Please take the time to look into a F.H.A. reverse mortgage, and see if you qualify. H.U.D. website will direct you to this site. You cannot re-fi unless your home has been off the mkt. for at least 6 mos., the problem I see is you have a retirement home. Which one is going to be your permanent residence? Also, if you are with a major lender, contact customer service, and see if you will qualify for the F.H.A. Bailout program, ask to speak to a supervisor if the rep. you are talking to can not help you. Refer to H.U.D. mortgagee letter 2007-11, dated 09/05/07. Hope this helps, Good Luck!