Today there are many home owners who are feverishly struggling to pay their mortgage payment on time. Many of these troubled homeowners started out with low rate adjustable rate mortgages that became unaffordable once their initial interest rate reset to much higher levels. In most cases as the payments began to rise the missed payments started to occur. Although when you are in this situation it seems that there are no options available to you. The fact is even with todays tighter mortgage lending guidelines you can refinance your adjustable rate mortgage with late payments on your payment record.

The biggest program that allows you to refinance your home loan when you have one or more mortgage late payments is the FHA Secure Initiative. The FHA Secure Initiative was introduced by the Bush administration and its main goal was to help home owners refinance who could not afford their adjustable mortgage (ARM) payments. Under this new federal plan you should be able to qualify for loan approval as long your payments were on time before your rate adjusted and the rest of your credit is fairly in tact. The FHA Secure will lend up to 97.75% of your homes appraised value. For borrowers who are trying to refinance and have credit that will not allow FHA to refinance them they need to look at other options.

Even though they have received alot of negative attention on the news lately sub prime mortgage loans can still help people with less then perfect credit when trying to refinance with missed payments and save their homes. The only drawback to a subprime loan is the lack of lenders that are still in existence so it may take you quite a few calls to local mortgage companies to find one that can help you. The most important thing to remember about sub prime financing is that you should always stay with a fixed rate to avoid the same problem you are now facing with your adjustable rate mortgage.

When you realize your mortgage is no longer affordable The most desperate option would be to sell your home and buy something more affordable with more stable financing. Although no one wants to sell their home it maybe the best option for many people that have waited to long and cannot get a refinance loan. Selling your home will at the very least help you maintain good credit and keep a foreclosure off your credit report.

Although it is very stressful to realize your mortgage is no longer affordable the most important thing is to take action at the very onset of any problems. By attacking the problem early you increase your chances to secure the refinance loan you need to save your home.

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