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| ID: | 139550 | | Title: | How do you get a lender to convert your ARM to a fixed with - http://www.mortgagefit.com/foreclosure/convertarm-frm.html | | Description: | I financed a condo in 2005 with a 5.75%, fixed, 5 year interest only ARM. I also have a 30 due in 15 for the remaining 20% with a different lender. The primary loan will reset in 2010 and Ive asked that lender to convert it to a 30 year fixed at current market rates. They refuse to do it because the value of the property has decreased due to the current mortgage mess the country is in. It doesnt make much sense to me since they are already holding the loan and are exposed to the same risk if I foreclose. Ive never been late on a single payment and usually pay a little extra on it every month. Overall Im an excellent customer with a good credit score. I know converting to a 30 yr fixed will increase my payment some, but Im willing to do that for the security of a long term locked rate. Im afraid that in another two to three years the rates may be too high to swing the payment when my arm adjusts. It seems like they would be more concerned with me walking away from the loan than to just convert it to a fixed principal/interest rate now. Any suggestions? Im not even sure what my LTV is, but certain it is not under 100% and dont see a correction in the market before 2010. Im not trying to get out of the loan, want to avoid foreclosure, and hope to keep the property for a long time. Why won;t my lender work with me? | | Category: | Business and Economy: Mortgage | | Link Owner: | | | Date Added: | January 01, 1970 12:00:00 AM | | Number Hits: | 0 | | |
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