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About the President's Mortgage Rate Freeze Plan:
from ABA Communications
The "Voluntary Mortgage Rate Freeze" announced by President Bush is a voluntary plan for helping a specific group of borrowers who will soon face a significant increase in their mortgage payments that they cannot afford.
If you received an adjustable rate mortgage with a low initial rate between Jan. 1, 2005 and July 31, 2007, you may qualify.
To find out more about whether your loan is eligible for the mortgage rate freeze, call the company to which you send your mortgage payments. It is up to the company that services your loan to decide whether the terms of the loan can be modified.
Banks work to ensure that customers are provided at the outset with loans that are affordable to them over the long-term. Federally insured banks generally do not offer the types of loans eligible for the voluntary mortgage rate freeze.
Bankers are happy to talk with consumers who may be confused or concerned about mortgages they may have with other lenders.
Sometimes contractual obligations, especially between lenders and investors who have purchased loans, limit what can be done to an existing loan. But experts at your local bank or branch are happy to work with you in reviewing the terms of your mortgage and exploring ways to make your monthly payments more manageable or affordable.
If you find yourself struggling with any payments, whether it’s your mortgage, auto loan, home equity loan or credit card, don’t hesitate to call your lender to discuss your options.
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