Question
Hi All, I am trying to help my mom out but I'm not sure where to go and what to ask. Her mortgage is on a 5-1 ARM and she is currently on her ARM which will expire again in December of 09 (6 months). She refied at 5.25% 5 years ago (with Wells Fargo) but it went up to 6.5 with the ARM. She currently owes 122k with an estimated value at 215k. She has always paid her mortgage, never late and has excellent credit. However the challenge is that she was recently laid off and is receiving unemployment. I checked into the HASP (home affordable refinance program) a bit and it doesn't look like she can qualify for the refinance but potentially the modification? but again I am not sure if that will help as she is on an ARM. Oh and I have verified the loan is not guaranteed by Freddie Mac or Fannie Mae. P.S. This is a manufactured home placed on a foundation with land if that makes a difference Any advise would be greatly appreciated Thanks Gordon