Homeowners across the country that have adjustable rate mortgages are facing mounting difficulties paying their mortgage as the interest rate on their loan continues to rise. Many would like to refinance out of their ARM but often cannot do to falling property values. This problem is not only in the continental untied states but also in Hawaii as well. So regardless if you are looking for mortgage help in Hawaii or Texas the next few paragraphs will present information that can help you save your home and your credit rating.
Try Your Lender First
The very first step you should take when seeking mortgage help in Hawaii is to call your mortgage lender and ask them for a loan modification. This will help you in a number of different ways. First the lender may offer to switch your loan to a fixed rate loan. If they do this they generally keep your rate the same as your initial ARM rate. As long as you were a good paying customer before your loan adjusted many lenders are more then happy to do this to help keep borrowers out of foreclosure.
FHA Programs
The other option is to turn to the new government FHA Secure program that was designed to help homeowners with past due adjustable mortgages and decreased property values. With this program you can refinance up to 97.75% of your homes market value and any remaining loan balance can be held as a second mortgage by your current lender or forgiven. The main factor with this program is that your mortgage payments have to show being paid on time before the mortgage rate increased. Although not everyone will qualify for this program it will help a significant amount of people.
If you are unable to qualify for either of the above mentioned programs you may want to consider selling your home before you lose it in foreclosure. By selling your home you will save your credit rating and allow yourself some time to regroup financially. After regrouping you can always buy another more affordable home. Only this time with a more stable fixed rate loan.
Being behind in your mortgage is a stressful feeling where ever you live . And with the limited amount of options available you must act quickly before time becomes your worst enemy.
Learn more about the FHA Secure Loan Program and How To Qualify For A FHA Loan by visiting http://www.mkemortgage.net today!
Article Source: http://EzineArticles.com/?expert=Darin_Sewell
Saturday, May 3, 2008
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