Mortgage APR Adjustment

[Anonymous]

Hi :  Mortgage just re-adjusted (almost $1000 more per month).  I can pay this amount although it will be tight.  Any suggestions on how to approach the lender, Amtrust?  Also, there are several negatives on this account: (6) 30 day lates from feb/06 through jan/07 and (1) 60 day late in dec/06.  The account has been paid on time since feb/06.  Should I ask for a goodwill adjustment on some of these lates because we have been "good" for the past 9 mos.  Should I ask for a re-aging(not really sure what this is).  Any chance I can negotiate either a lower APR or removing some of the negatives? Really looking to bump my scores - would be willing to pay more per month for higher scores - then I could refinance!

TU-649

EQ-631

EX-645 

Thanks again

[Anonymous]

Start by calling them and ask if they will adjust it without you going past due.

FHA may be your only re-fi option. What was the old and new APR?

Considering the recent lates- your scores are pretty good.

[Anonymous]

Is this an adjustable rate mortgage?  Geez..  I hate to see this happen but have seen it time and time again.  I could give you advice and what you should have done but that woiuld be like closing the barn door after the horses were aready gone.  With your scores, and the current outcry against the subprime lending industry, the likelihood that you would be able to refi with a major for favorable rates are slim.  You may want to try FHA for refi.

Glad that you can make the payments unlike so many others who wil find their homes foreclosed on.

For anyone else considering an ARM.  Please be pristine with your credit during the years that the lower rate is in effect.  Would hate to see anyone locked into a mortgage that htey could no longer afford.

[Boswd]

And save, save save, for the future of your mortgage.   ARM can be very very good if used wisely.  But if you are in it for the long haul and not a quick in and out,   you have to set money aside to accomdate when the rates go up.