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My home is finaced with a 10 yr arm note?
Ive owned it for 5 yrs so far and for the first time when it was time to renew the loan they want me to provide 2009 taxes and fill out a financial statement. I am current on my payments, but make less than I did 5 yrs ago when I secured the loan and bought the house. Why are they asking for this info again, and what will my smaller income do to my loan? Can they take my house away, or refuse to continue my loan?
Sorry, Financed
My sis is an real estate agent and she hadnt heard of a bank doing this either.
2 Answers
- 1 decade agoFavorite Answer
I've never heard of that, but I can assure you if you are making payments you are AOK.
EDIT: Don't submit the information. You don't have to give the bank S H I T if you are making payments. Thing you have to wonder in this market and with these banks is IF you should make the payments. Someday , you may not be able to and then it will be harder for a foreclosure on you.
Don't listen to the Republican morons talking about refi like the one below me. There is NO refi in this market because all homes are worth less.
Source(s): On an ARM and not making payments. That's a problem. - Anonymous1 decade ago
The greedy buggers probably want to see how much they can hike your rate.
You've got some equity in the house. They can't take it away as long as you continue to pay, but what I would do in your situation is go to a credit union--NOT a bank--and ask them what they could do to help you refinance to a fixed-term loan. If you're making less money, you might do better with a 15-year fixed mortgage -- yes, it would take you longer to pay off, but rates are low right now and if it's FIXED, it won't go up. The fact that you've been paying for 5 years is a good credit history.
It's a shame they don't teach people about mortgages in high school. For most of us, our homes are the single biggest investment we ever make.
And I think whoever invented adjustable-rate mortgages deserves the very deepest, hottest part of hell. So many people have lost their homes because the banks just keep pushing up the rates.
Good luck!
