ARMs are suspect mortgages, depending on when they were taken out and the back-up documentation which supports them. Your facts are not entirely clear. Do both the 1st and 2nd adjust? You may wish to have an attorney review your loan documents for adequate disclosures. See Boschma here: http://scholar.google.com/scholar_case?case=12271920451388879704&hl=en&as_sdt=2&as_vis=1&oi=scholarr
You may also wish to attend one of the NACA seminars. More information here: http://www.naca.com.
I am licensed in California only and my answers on Avvo assume California law. Answers provided by me are for general information only. They are not legal advice. Answers must not be relied upon. Legal advice must be based on the interplay between specific exact facts and the law. This forum does not allow for the discussion of that interplay. My answer to any specific question would likely be different if that interplay were explored during an attorney-client relationship. I provide legal advice during the course of an attorney-client relationship only. The exchange of information through this forum does not establish such a relationship. That relationship is established only by personal and direct consultation with me followed by the execution of a written attorney-client agreement signed by each of us. The communications on this website are not privileged or confidential and I assume no duty to anyone by my participation on Avvo or because I have answered or commented on a question. All legal proceedings involve deadlines and time limiting statutes. So that legal rights are not lost for failure to timely take appropriate action and because I do not provide legal advice in answer to any question, if you are an interested party you should promptly and personally consult with an attorney for legal advice. Also, see Avvo's terms and conditions of use, specifically item 9, incorporated by this referenceAsk a similar question
It is possible that you may be eligible for a loan modification. You can ask your lender for the package and submit your request to them. My law firm does loan modifications and we offer a free consultation. We can assess your position and advise you accordingly. We do not charge any fees to look at your matter.
DISCLAIMER: This answer is provided solely for informational purposes only. This answer does not constitute legal advice, create an attorney-client relationship, or constitute attorney advertising. Liewen Law is fully compliant with every State and Federal Law, including California SB 94 and the related Civil Code Sections, as well as the FTC Mortgage Assistance Relief Services (MARS) Final Rule. Liewen Law is a debt relief agency helping consumers file for bankruptcy relief under the United States Bankruptcy Code. Liewen Law maintains this website for marketing and informational purposes only. None of the information or materials on this site is legal advice. Nothing on this or associated pages, documents, comments, answers, emails, or other communications should be taken as legal advice for any individual case or situation. Said information is not intended to create, and receipt or viewing of this information does not constitute, an attorney-client relationship. While we make every effort to keep this site accurate and up to date, we do not guarantee its accuracy and are not responsible for inaccuracies, errors, or omissions.Ask a similar question
You should see an experienced mortgage broker is "short" refinances, which are available for people in your situation. I have a contact if you do not. You can also try for a loan mod, but usually if you are not in default you can not even get your loan modification package into the correct people; you can wait until the 16th of month, technically you are considered "late" and work it that way and then pay the pmt on the 30th with late charge to maintain your credit. But nothing happens that quickly.
The foregoing is for informational purposes only and may not be relied on as attorney-client advice.Ask a similar question