You cannot go from an adjustable rate to a fixed rate mortgage and lower your payment. The low introductory rate on your ARM was artificially low. The loan officer probably told you that by the time your mortgage adjusts, you can refinance or sell to get out of it. Unfortunately, that payment may be more than you could afford already. Now, you haven’t made any plans to move so you are looking at a refinance and not liking what you see.
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Explore Different Ways to Stop Foreclosure
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The Benefits and the Downsides of Private Loan Consolidation
Did you know that private loan consolidation can a good option for you? Before you pursue this option, you have to understand that private loans can not be consolidated into federal ones. But you have the option to consolidate federal loans into private loans.
Reaffirming Debts in Bankruptcy Is an Option
Bankruptcy could be a way out for some people who are in deep financial troubles. However, you still need to face the issue of debt reaffirmation in a bankruptcy. If you are going to reaffirm, you will have to repay certain debts and retain your assets.
