According to a recent Associated Press Report, homeowners who have certain adjustable rate mortgages that were "made at the start of 2005 through July 30 of this year with rates that are scheduled to rise between Jan. 1, 2008, and July 31, 2010" may qualify for a proposed FREEZE that would hault ARM (Adjustable Rate Mortgages) rate increases and hopefully curb the spiking foreclosure rates that we have seen recently across the the nation.

Although all the details are still hush-hush, we are assuming that this proposed "rate-freeze" will be available to homeowners who are current on their payments, but will not be able to afford the rate increases in the near future.

"The administration said President Bush will speak on the agreement at the White House on Thursday and the Treasury Department announced that Treasury Secretary Henry Paulson and Housing and Urban Development Secretary Alphonso Jackson would hold a joint news conference Thursday afternoon with mortgage industry officials."

If you are a homeowner and currently have an adjustable rate mortgage that you are worried about, this may be a good option for you. Contact a lender that you trust to learn more.

Posted by: Mariana Wagner - Wagner iTeam - Colorado Springs Real Estate Agent
The Wagner iTeam is a power-team of Keller Williams Clients' Choice Realty and Advocates for Consumer Empowerment in Real Estate, specializing in Colorado Springs Real Estate and Monument Real Estate.