What’s Your Plan B?

I just got off the phone with someone who has an adjustable rate mortgage (aka “Nasty ARM”). They are currently trying to refinance their mortgage to a fixed rate loan.

So why did they call me? Because they want to have a Plan B in case their refinance doesn’t work out (most don’t because houses aren’t appraising high enough since Michigan prices continue to go down). By calling me when they were only a few weeks behind on their mortgage payment, together we were able to lay out a plan for the future. If for some reason they’re unable to get refinanced, they don’t have to panic as they now know what their next steps should be.


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