President Bush offers an interest rate freeze.
Dec. 7, 2007
As many of you know, President Bush has presented a five-year plan to freeze interest rates for those with Adjustable Rate Mortgages (ARMs) that meet certain requirements. The pivotal requirements, as described thus far, are that borrowers can only qualify for the freeze if they are unable to afford the potential increased adjustments in their interest rate/monthly payment and they haven’t yet fallen behind in payments. Additionally, the freeze is only for loans that will adjust after January 1st, 2008.
You may know someone who has an Adjustable Rate Mortgage (ARM) and is unable to afford their increasing monthly mortgage payment.
These individuals are encouraged to call the national hotline at:
1-888-995-HOPE (4673)
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