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REAL ESTATE ARM finance rescues

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Runum

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Heard an ad on the radio today for ARM finance rescue. It offered 6% fixed financing for people with bad credit but are current on the payments for their ARMS. It also offered the same deal at 5% for people with good credit. So the question is, how are they going to make their money, fees? What would happen if they were upside down on their ARM. Would they still refi at more than current value?
 

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JesseO

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On a somewhat similar note, I heard on the radio that our congress of inept individuals has extended the AMT (alternative minimum tax) for another year, meaning that we need not worry about certain gains being taxed at a higher rate for those who make more than $30,000 per year. Diane K. would probably have more info on this...
 

hakrjak

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I don't know what the problem is. I just had 2 ARMs reset this month and next, and according to the notices I've got so far -- My interest rate actually dropped about a full point.

Talk about being in the right place at the right time ;) This coming recession is really beating down mortgage rates.

- Hakrjak
 

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