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I have three close friends that are in a Mortgage crisis with revolving interest rates!?
Two of them are in foreclosure with no way to save their homes! And the third is depserately TRYING to refinance but keeps getting the run around from his mortgage company who has sold out to other mortgage companies two times since he bought the house a year and a half ago!!!! Has anyone out there gone through this with their mortgages? How did you try to resolve your problems? Just trying to come up with some suggestions for my buddies. I hate to see people lose their homes!!!!!!!
I agree Dr. Death. My mortgage is fixed too. I still cant help but feel for those with varitables who may lose their homes.
1 Answer
- Anonymous1 decade agoFavorite Answer
it is very common for mortgage companies to sell their mortgages
there are 10's of millions of people (including me) with mortgage balances higher than their current home values. my rate is fixed. I'd love to be able to refi for 2% below my current rate, but it's not going to happen anytime soon.
adjustable rate mortgages only make sense when fixed rates are high and going down, not when they are already low and have no where to go but up and 18 months ago, they were relatively low, so he should have gotten a fixed rate mortgage