Avoiding Foreclosure Adjustable Mortgage Rates

by Ana from Tampa, FL USA

Regarding Avoiding Foreclosure Adjustable Mortgage Rates A reader describes her all-too-common situation with adjustable mortgage rates and being "upside down" in home equity. If you have been in a similar situation in the last year or two, please feel free to contribute also.

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Dear Kate, My adjustable rate mortgage is increasing in April but my home's appraised value is less than what I owe. Do I have a way out of it? I don't have equity to refinance. What should I do? Ana

Avoiding Foreclosure Adjustable Mortgage Rates

Hi Ana, I think you are very smart (and brave) to be looking for help before your adjustable mortgage rates are scheduled to increase.

On this website, I have a special report with 8 strategies to stop mortgage foreclosure. You will find help ranging from understanding the impact of foreclosure on a homeowner's life to foreclosure alternatives, one from Donald Trump.

As the threat of foreclosure has spread through out America, I have acquired a few more tips from my readers. Go to your state's website. Most likely it will have a link to local resources for homeowners in distress. If you belong to a church, perhaps it will have support groups knowing of other solutions unique to your city.

It is worth mentioning again, as Donald Trump also did, to contact your lender to negotiate a better deal to stop foreclosure.

I hope you'll return to let us know how you are doing. Remember to add Get Your Best Mortgage Rate to your favorites and visit it often. Of course, all of my information is free.

Best Wishes and Good Luck,

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P.S. Go to my Best Mortgage Rate Blog, an entertaining source of mortgage information. Subscribe now to the RSS feed.

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You can also ask Kate about your mortgage at Answers to Adjustable Mortgage Rates.

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