Iowa Attorney General Tom Miller is promoting Iowa’s foreclosure hotline (877.622.4866) and asking distressed borrowers to seek loss mitigation counseling as soon as possible.
In a statement, Miller’s office says, “The hotline may be especially helpful to “subprime” borrowers with adjustable rate mortgages, or ARMs. Many ARMs have fixed rates for two years, but after two years rates may quickly adjust upward. Higher rates mean higher monthly payments, and some borrowers can’t afford them. Some of those loans may be able to be restructured, or there may be some other arrangement that could work for both borrowers and lenders.”
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