Mortgage Forum

Mike

:( Hi - my 3 yr. ARM will adjust in October. I have several issues. I went to refinance my home and everything was going well until my home was appraised at less than what we owe on it. I am trying to do the refinance with Wachovia. Wachovia sent another appraiser out and our home was appraised at $35,000 more, so that helped but we are still $13,000 short in order to get our home refinanced and that does not include closing costs which will total another $4,500 - $9,000. We do not have the $22,000 to refinance. I need to put $13,000 down toward the principle amount in order to do the refinance. I have good credit - FICO is about 715. My husband and I make good salaries, but we have expenses (credit card debt) among other living expenses. Is there a way to get an extension on our ARM for another 3 years from Indy Mac? I have never been late on a payment. We pay approx. $3,100 per month on our ARM. I am scared to think what it will be if it adjusts in October. What are my options? I guess I can start selling items from my home on e-bay but I would like to know if there is another way. Should I hire an attorney? Please help! :confused: