Here is the story,
I did a loan modification almost 2 years ago with Homecomings, basically they lowered the interest rate from 7 percent to 3.5. The did not change the terms of my original loan which was and Interest Only 5 year ARM.
When they modded my loan they extended the arm for another 5 years. So now two years into the arm I am concerned that after the arm is up I will not be able to afford my house. What are my options at this point?
I did a loan modification almost 2 years ago with Homecomings, basically they lowered the interest rate from 7 percent to 3.5. The did not change the terms of my original loan which was and Interest Only 5 year ARM.
When they modded my loan they extended the arm for another 5 years. So now two years into the arm I am concerned that after the arm is up I will not be able to afford my house. What are my options at this point?
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