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Adjustable Rate Mortgages

Jefferson County Adjustable Rate Mortgage Attorney

Problems Arising from Adjustable Rate Mortgages

Brent W. Davis – Experienced Bankruptcy Lawyer in Birmingham

While adjustable rate mortgages (ARM’s) seem like a good option for homeowners, they can quickly turn into a nightmare of increased payments and excessive interest rates. At Brent W. Davis & Associates, L.L.C. in Birmingham, Alabama, we help clients when their house payments have gotten beyond their control.

At Brent W. Davis & Associates, L.L.C., we see clients who purchased their house with an adjustable rate mortgage. Usually, the first months of payments are pure interest or low interest.  Later, the payments go up to pay the principal and interest.    Even worse, bad economic times can drive up interest rates.  Before you know it, an $800 mortgage payment may skyrocket to a $1,200.00 without much warning.  That initial house payment was more of a teaser to get the individual to sign up for the loan. Once in their house, they find that they can no longer afford to stay in the house and cannot sell for what is owed.

Avoid Foreclosure

Foreclosure is a scary word.  Only those who have pulled a foreclosure notice from their mailbox can know the worry and fear that it brings.  Will I have to move the kids’ to a different school district?  Is my credit still good enough to get an apartment? Will my family find out?  Will the neighbors know?  Do they publish it in the newspaper?  Why won’t my mortgage company take part of the money?

The first thing you must know is this: you can stop the foreclosure sale using Federal law.  

This law forces the mortgage company to cancel the foreclosure sale.  It forces the mortgage company to accept your Chapter 13 repayment plan. You keep your home!  The kids stay in their own school. The neighbors will never know.  You must act now! It is a “race to the courthouse”, to save your home, come see me before the foreclosure sale date.

For more information or to schedule an appointment with an experienced attorney regarding an adjustable rate mortgage problem, please contact us.

We are a debt relief agency. We help people file for relief under the Bankruptcy Code.