While I have good news and bad news. 1st the good new about ARM (adjustable rate mortgages) loans is that you can refinance them. The problem is that you have to have equity in your house to refinance. So no equity no refinance. The only other way to get out of an ARM loan besides foreclosure is sell your home. If you are to where you can no longer afford your home you need to sell it. Trust me it better then losing it to foreclosure. Like the wise man said better to get 1/2 a loaf then nothing at all.

I have worked in the mortgage industry for over 4 years in collections, loss mitigation, and REO and if you have an ARM loan you need to refinance as quick as you can. I don’t want you to loose your house like so many other. An ARM loan interest rate never goes down and normal goes up every 6 months. Before to long you are not going to be able to afford you home or you will be house poor. The biggest mistake that most people make is that they don’t try to refi until they are in the process of being foreclosed on, but by then their credit is bad and they are unable to refinance. So get out of that ARM loan while you can. For more information about lending tree and other real estate resource you can visit http://www.houselistedfree.com/