I have a 3-year ARM but terms of it is about expire before the 3 years. I want to refinance. Will the new law that recently passed help me?
I have a mortgage loan with American Home Mortgage that filed bankruptcy sometime last year? What should I do?
18
May
estielmo
May 18, 2010 at 9:39 pm
Your mortgage is with whoever took over AHM’s assets. Ask them.
I Buy And Sell Houses
May 18, 2010 at 10:17 pm
The new law will have no effect on your situation. (Unless, that is, you’re among the relatively few who need help and will qualify.)
Some lender–I don’t know which one–now owns your loan. You’ll just keep paying as you always have. And if you want to refinance, check with your current lender or any of the others out there.
However, since you bought your home 2-2-1/2 years ago, you’re likely to find that its value has fallen, not risen. As a result, you may have a very difficult time refinancing. There may not be enough equity for you to do so.
Good luck.
Sandy S
May 18, 2010 at 10:33 pm
To whom are you making your payments now? You should ask them about a refi or even shop around if your credit is good enough. Loans are very tight right now even with perfect credit.
Expert Realtor
May 18, 2010 at 10:57 pm
Probably not. American Home Mortgage is not out of business, they are still operating and it appears from your post that they still hold your mortgage.
They are not originating new loans so you can refinance with another bank, just not them.