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Fast-Track Solution.

How does this program help me?

This program is for you if you have a sub-prime mortgage. Sub-prime loans had teaser payments, were usually fixed for 2-5 years, interest only and meant to be "band-aids" until a borrower could refinance into a better loan. With nearly 2 million of these mortgages converting to adjustables by the end of 2009 there is great concern in the industry.

It is important to realize that this is not a program but more of a loose "agreement" by sub-prime servicers. Under this agreement the servicers will try to "freeze" your teaser rate for an additional five years. The hope is that you will be able to make your payments while waiting for better times.

Who should I contact?

Only your servicer can do this program. Your servicer is the company you mail your monthly mortgage payments to. Get out your monthly mortgage statement and call the customer service number on it. Ask them if they are participating in the Fast-Track Solution. It is often their "loss mitigation" department that handles these types of programs so they might transfer your call there.

What should I expect?

Be prepared to be persistent. Since this program can only be done by your servicer you are relying on the knowledge of the person that answers the phone. If they don't know what the program is ask to speak to a supervisor.

Once you have the right person be prepared to explain the situation. You will probably be asked to provide some personal financial documents and an explanation, or "hardhip" letter. Be sure to check out our resources section for a list of financial documents to get together.