My mortgage ASC (Wells Fargo), which will increase the frequency in 5 years. Should I refinance now? I have less than perfect credit and my husband just had to file bankrupsty on her credit cards about 4 months because he had lost his job last year and we did our best not to pass behind the payment on our house. We have succeeded in this, but have been unable to pay his credit cards to do so. He received unemployment for 4 months ZERO. We live in Michigan, which has the unemployment rate highest in the country! Anyway, I read today that Citi Group is to prepare all mortgage for homeowners at risk. I think I would call that based on the fact that my mortgage is an arm and adjust in 5 years. Should I wait to refinance in 5 years or should I try to jump on board with Citi? The article entitled Wells Fargo as a company which is expected to help homeowners at risk. If they fixed my mortgage, I have no reason to refinance. My rate was supposed to settle in 2007, but they have extended IT 2013. Should I wait to see if Wells Fargo offered me something?
wait - things will get better
Citi will not help you until you're not their customer. Given your situation, I do not think you'll be able to refinance this time you should wait.
Posted on January 25, 2010.
