I have a FHA loan that is on an ARM can anyone help me out with some questions

[tony8404]

Hello everyone, I bought this house about 4 years ago maybe 5 for 173,500. Well i got taken to the cleaners by my realtor, she never told me what they had bought the house for when i was making offers. Turns out 2 years after i bought the house i was checking on value and another real estate agent had given me a history print out of my house of the last 3 people that bought and sold the home. well, they made out with like 50,000 more then i should have paid.
Anyways when i bought the house me and my wife and my mother in law (cosigner) had gotten an arm loan at 5.00% every year it goes up a point which turns out a 100 dollars more a month equals 1200 dollars more every year. i started my mortgage payment at 1100 dollars a month with everything. but now i am up to 1500 dollars a month. since then i have thought of refinancing but yesterday when i called countrywide who i have my mortgage with couldnt help instead of going down the new payment would be 1630 a month at 6.625%. i do have to mention back in 2004 i did do a bankruptcy but never been late on a payment.
so i talked with a co worker the other day and she had mentioned her fha loan and how she had gotten out of the arm into a fixed 30 yr. she said she called fha or hud and they told her that she was never to get an arm on an fha loan. is this true??
I called fha yesterday and they didnt really help besides telling i could go streamline or go fhs secure loan which she told me on july 14th they were going to expand the guidelines to accept people like me that are not delinquent on payments. but when i talked with countrywide and bank of america they had no clue on fha secure loans.
can anyone help me in the right direction or give me some tips maybe? i wanna lower my monthly payment cause my arm is frozen right now due to the mortgage crisis but i am afraid once its up i am gonna have to start paying 1600 a month. thanks

[schwefls]

Welcome to our forum tony8404:

I wanted to stop in say hello and welcome you. Shorthly someone will be reaching out to you with some answers to your questions. In the interim please hang in there and know that you have come to the right place.

[tony8404]

thank you soo much!!!

[Moe Bedard]

Hi tony8404,

Welcome to the forum and thank you for joining............

For FHA Secure you would need to speak to the lenders that are doing them.........

GMAC
IndyMac
Flagstar
First Horizon
Taylor Bean and Whitaker

to name a few.......

[tony8404]

that is what i tried to do.. i asked countrywide and bank of america and to me it seemed like they were scared of me once i had mentioned fha secure loans... lol... after i mentioned fha secure loan to the lady at bank of america, she could not get off the phone fast enough.. after i mentioned the dreaded words she said something of the sort to VA loans you will have to stop at a branch in person and that was it. any idea why?

[Moe Bedard]

Not a clue...................but what I meant is that the list that I gave you above is the lenders and banks that are doing FHA Secure and CW and BOA is not on it...........

These lenders are doing them already so they should know what you are talking about........

[tony8404]

sorry ***, i didnt see the list at first my fault.. i will try them today thank you so much for the list.

[Moe Bedard]

No problem Tony...................

Please keep me updated on how it goes with the refi..........k..........

[Moe Bedard]

tampa1,

It's all good.............thank you for clarifying......

While there are plenty of good lenders out there............you wouldn't believe what we get here preying on vulnerable members...........I know that it isn't you.........
that is good that you are well versed in the FHA loans........I am sure you are able to help many........

I hope with the expansion of the FHA Secure program in July that even more people will be able to be helped..............because the initial help was too little too late..........

Good Luck with your situation............I hope it all works out with GMAC/Homecomings.......they seem to be offering some pretty good mods........