ARMs and the mortgage problem

[Palogal]

My husband and I just had our loan modified...WOW, what a difference it made. If anyone else is stuck in mortgage h*** PM me and I'll give you the number to the company we used. They are fabulous.

[Miracle Whip]

I had a 5 in one ARM when we lived in town. It was really nice to have lower payments. We were lucky and the house was in a prime school district that everyone wanted. Sold the house before the 5 years were up.

In today's economy I don't know if I would want an ARM. Sure would be nice but who knows if you could afford the regular payments once the ARM expired or that you could sell your property for what it is worth. Our house is now an 1800's 2 bedroom and no one wants a 2 bedroom these days. Might be better off to cut corners in other areas or to get a second job.

[John Boy]

there are advantages of 'using' a bank if don't use money to servive , but to prosper.. Hey if they drop below 4.7 I'm game , and today I was just talking to my banker of my direction. ;)

[Miracle Whip]

Yes but make sure you can make the payments AFTER the ARM expires.....its not a free ride. OR, at least bank the difference.