Mortgage Rate Freeze Only Affects Few - KFDA - NewsChannel 10 / Amarillo News, Weather, Sports

Mortgage Rate Freeze Only Affects Few

He said he would freeze rates on some mortgages that are supposed to rise in the coming months.

Amid confusion regarding President Bush's announcement, NewsChannel Ten did some digging to find out exactly who would be eligible for those frozen rates.

Some say it sounds like a great idea, one that would help thousands of people with sub-prime adjustable mortgages.

But not so fast.

Only certain criteria will guarantee your interest rate to freeze.

The plan is to freeze the interest rates on sub prime adjustable mortgages.

But only a select few will be eligible.

You have to be behind on your payments and you also have to prove you cannot afford the rates should they adjust.

so who does qualify?

Those who got a mortgage loan between January of 2005 and July of 2007.

Mortgage lenders say in the Panhandle we are not seeing the soaring foreclosures rates the rest of the nation is seeing.

And that is because of lenders' and borrowers' conservative practices.

If you think you may be eligible for this program, the United States Treasury has set up a hotline.

And that number is 1-888-995-HOPE.

But if you call, you will be asked for information about your loan and your personal finances.

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