post #1 of 1
4/3/08 at 11:59pm
Thread Starter 
Anyone up on all the mortgage talks? I live in Michigan, where a law was just passed to help people re-finance. We have an adjustable rate mortgage that won't adjust for another 4 years, we were, of course, going to sell or refi before it adjusts. Now, selling isn't an option due to the housing market and we aren't good candidates to re-fi with a traditional company right now, I doubt we would get approved. We are, however, under the income and mortgage cutoffs for the new MI law, I think $100K and $225K respectively are the cut offs. I am wondering what the word is from the feds and if either state or federal packages will help people like us, who are current on our mortgage, not late or in foreclosure, but don't have great credit and would have trouble paying once our ARM adjusts. Anyone paying attention?