That's right, there's a toll free number. If you have an adjustable rate mortgage that's set to re-set in the next two years, you may be able to freeze your rate with a phone call. The White House unveiled a program and toll free number that may offer a 5 year freeze on teaser rates for some borrowers. What's that number? 1-888-995-HOPE.
What's the catch? The fast-track freeze plan faces plenty of criticism and it will certainly hit some speed bumps. First, the number of borrowers that qualify for assistance is quite small. Also, they have not addressed the concerns of investors who hold the loans (see a brief description of that problem). Might have been a good idea to check with them first... Get ready for some pushback from investors and consumer advocates who say that the program is not a real solution.
Further reading:
- Watch for High Risk Mortgages
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