We refinance our home mortgage 2 years ago with an adjustible rate mortgage. We had an adjustible rate mortgage once before and we never had the trouble we are having now.
We were told that if the interest rate went down, then our monthly payment would go down. If the interest rate went up our monthly payment would be higher. We knew that going into the loan, but never expected the rate would keep going up and up.
A few months ago the rate on our mortgage went farom 6.2% to 8%, Then from 8% to 9%.
We are trying to get a loan modification, but it is like pulling teeth.
We finally hired an attorney and things are progressing along, but still have not received an accual modification offer yet. Hopefully we will soon, but with all the horror stories I keep reading about, I can just pray.
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