If anyone has recently had their ARM increase, i was wanting to know by how much it increased, so i can get an idea of maybe where mine will go. Thanks 
..We have tried to refi, and cant due to no W2′s to income last year. To get approved for a loan mod, what does my situation have to be to get them to say yes?
I had the Same problem with a client they called me saying that the arm was going to adjust I called the lender, they said about to 2 to 3 percent on they interest. that is high. almost $900 were in california. So the Bank said if the client couldn’t pay they can do a loan Modification, which they did. and clients were happy there payments went down 2% and payment went down $200 and there payment got fix for another 5 yrs.
what did your adjustable rate mortgage adjust to?
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I had the Same problem with a client they called me saying that the arm was going to adjust I called the lender, they said about to 2 to 3 percent on they interest. that is high. almost $900 were in california. So the Bank said if the client couldn’t pay they can do a loan Modification, which they did. and clients were happy there payments went down 2% and payment went down $200 and there payment got fix for another 5 yrs.
References :
the clients wanted to keep there good credit to there name.
yalmar zelaya Realtor.
NewEmpireHomes.com
Your lender should send you a letter in the mail telling you what it will do, hopefully it will go down, but mine didn’t it wanted to go up about 2% even though economy is down, and it was going to increase by about $300 a month. complete BS with Citi so we did a refi and was able to keep the payments at the same but lower our rate and had it fixed for 30 years instead of an ARM, if you plan on staying in your place for a while (3 or more years) its worth the refi if your lender won’t lower the interest (in the chance they jack it up). Good luck.
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