An adjustable rate that keeps on growing and growing. During the early part of our loans was sold by Mortgage Lenders Network to ASC. We have a split loan (80/20). The larger loan is the adjustable one. Shortly after we were notified about the adjustable rate increase. Back in October our mortgage increased from 790.85 to 1,003.93. The index value used to determine the interest rate from 5.38475% to 4.91000%. The current index value was published on 12-03-07. According to the Wall St. Journal "6 Month libor 1st business day". On February 1 our payment will be adjusted from 9.87500% to 9.50000% which means $1,194.27 - one loan. I'm reasearching alternatives to re-finance, re-construct our loans. After being denied because of our family modest earnings, I'm afraid we will be forced into foreclosure. I'm trying to keep our family credit and dignity in tact. I need information on how to stop the madness, before I go insane. What's the worse case scenerio of foreclosing?
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