Graduated Payment Mortgage Default

Being approved for a mortgage is an exciting time for first time home buyers. Making payments that are going towards owning a home is a completely different experience than renting. In order to afford a mortgage, many first time home buyers choose to get a graduated payment mortgage (GPM).

Unfortunately, financial problems can be hard to foresee, and what seemed like an affordable mortgage at first may no longer be manageable. If you are struggling to pay your bills, there is no reason to despair. You do have options. Millions of people in America today are struggling to make mortgage payments, and for many of them, bankruptcy is the right course of action. Contact the Arizona bankruptcy attorneys of the Harmon Law Office, LLC, today at 480-829-0494 to discuss your situation and your options.

What is a Graduated Payment Mortgage

GPMs can be used in a variety of different mortgage types. This type of mortgage is based on the principle that minimum payments will start low and increase over time, though interest rates are not adjustable. The rate of increase of payments will be decided at the time the mortgage is taken out, and will likely include gradual increases that become consistent between 7 and 15 years.

People who choose a GPM typically do so because they have a promising financial future. However, especially in today's economy and struggling job market, many people are finding it difficult to make their payments.

Contact Us

If your graduated mortgage payments have left you with major debts, you may need to consider debt negotiation or bankruptcy. Contact the Arizona bankruptcy lawyers of the Harmon Law Office, LLC, today at 480-829-0494 for a free consultation.