With interest rates on adjustable, interest-only, or “option” mortgages rapidly increasing, more and more homeowners are unable to make their monthly mortgage payment. And with so many mortgages scheduled to reset, thousands of Chicago home
With interest rates on adjustable, interest-only, or “option” mortgages rapidly increasing, more and more homeowners are unable to make their monthly mortgage payment. And with so many mortgages scheduled to reset, thousands of Chicago homeowners will be at risk of falling behind on their mortgage and perhaps even lose their home. Whether you are a homeowner with an adjustable rate mortgage or know someone with one, ShoreBank wants you to understand the steps that can be taken to get help paying the mortgage and hopefully prevent foreclosure. 1. Get informed. If you have a high-cost, adjustable-rate mortgage, find out when it is due to adjust and what the adjusted payment will be so you can be prepared. You don’t want to be surprised and blindsided when it happens. 2. Create a budget. Identify any lost expected income and expenses for the next several months to determine what costs can be reduced to set aside more money for making the house payment. 3. Check your refinance options. If the original lender has not filed a default notice, you may be eligible to refinance or qualify to obtain a 15- or 30-year fixed-rate, Rescue Loan from ShoreBank that will lower the monthly payment and build equity. 4. Get help. Contact nonprofit organizations such as Neighborhood Housing Services in Chicago that has counselors available at no charge to help you to evaluate all your options at 773.329.4010. To learn more about your refinancing options or the Rescue Loan program, contact a ShoreBank mortgage lending specialist at (773) 420-HOME (4663). Consultations with a ShoreBank lender are free, and there is no obligation.
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