Real Estate

A good time for an adjustable rate mortgage

By From page D2 | April 04, 2012

It had been a difficult five years. The rent they received was $500 shy of the mortgage payment. Then the letter came from the lender saying their initial low adjustable rate was expiring and their payments would be recalculated. They decided they could no longer hold on to a bad investment. If the lender would not modify their loan, they were prepared for a short sale or letting the property go back to the bank. When they discovered they did not qualify for a federal loan modification and their lender would not consider changing the terms of their adjustable rate mortgage, they called me.

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Ken Calhoon

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