This mortgage calculator will help you calculate your monthly payments, and also show you a graph so you can see how much a new mortgage loan or payment can yield you.

The mortgage calculator has two options. It can show you how much you would owe on a mortgage, then if you hit the ‘loan’ button if will show you how much you need to pay on a loan payment.

Click the calculate button to see how it works, it’s got a nice animation effect.

They are only modifying your loan because they want to save the home from foreclosure, which costs the banks additional money. As a result, if you are looking for a loan modification, there are still options for your to pursue.

Refinance Your Mortgage

Refinancing is one of the best and easiest ways of saving your home from foreclosure. It involves taking your mortgage and giving it to a new lender or refinancing with your current bank.

You go to them and tell them you need to have your mortgage modified, and changed from an ARM (adjustable rate mortgage) and turned into a standard fixed rate mortgage. This will cost a little bit of money in closing costs, but you can bundle these into the overall cost of the mortgage itself.

Aside from refinancing, you can always attempt to modify your loan, but you may be at the mercy of the banks and Government bailout plans.

Where should borrowers interested in the FDIC Loan Modification Program call to apply?

Borrowers who are delinquent or who are experiencing financial hardship and are falling behind on their IndyMac Federal mortgage should call 1-800-781-7399 to speak with an IndyMac Federal customer service representative. Please also use our resources on the site to find a representative that can represent you and help you save your mortgage from foreclosure.

30 Days to Vacate

Unfortunately there is not much protection for renters, but there are a couple of first steps that you are legally guaranteed. Once the home is declared a foreclosure, you will have 30 days to vacate the property. If the sheriff arrives prior to the 30 days, you have the right to go to court to demand to stay in the house. Since there is not much other legal resource, you have to be creative in winning some of your freedoms back.

Call The Local News

Generating interest in your story is important, if you can win the court of public opinion, you’ll be in a better position than if you’re trying to fight the courts on your own. Preferably if the sheriff comes and drags you out with the news crew watching it happen, it can also help other renters who are being evicted due to foreclosure.

Hire A Lawyer

Get a lawyer and see if he can help you sue your landlord. Your landlord promised you a contract with the rental agreement, and by you being evicted, the landlord is not holding up their end of the contract, thus breach of contract. Also, you should look to place a lien on the house, so that you can claim your security deposit back as well.

Contact The Bank

Make sure you do not pay the bank any rental payments, the home is not owned by the bank while you are living in it, the landlord still owns the home despite it going into foreclosure, up until the last day you’re living there. In some cases, the bank will want to find a buyer for the home, and since you are currently living there, you may have the option of purchasing the home, hopefully at a distressed price and less than the cost of your current rent payment.

Cash for Keys

If you are not able to purchase the home, the bank may offer you a “cash for keys” exchange in which they pay you to move out of the property. They will ask you to broom-sweep the place and get it ready for a possible sale, thus saving them time and money on an eviction. This is a good option for renters looking to move on, and preserve as much of their lost security deposit, etc.

Start Looking for a New Place

As soon as you find out that the home is being foreclosed, your immediate option is to move out. Start looking as soon as you are given notice, and make a plan to move into another home/apartment assuming you won’t be able to buy the place.

Stay Positive and Fight On

This isn’t as bad as it could be. You’re renting, so you’re not being foreclosed, and you still have almost all of your security deposit. You certainly didn’t lose your down-payment or anything along those lines. In this case, consider this a lesson-learned, and to watch out for future rental agreements and if you do ever purchase a home, to stay secure.

If you have an ARM, or adjustable rate mortgage, your loan payments are going to go up when the mortgage rates adjust on your mortgage, either 3 year 5 year or 10 year intervals. When the prices on the mortgage go up, it’s often very difficult for homeowners to continue to make payments on their home and you can easily lose your home.

Payment Deferment Is An Option

The only way to change your mortgage is to refinance, but if you can’t refinance the mortgage, you can use deferment as a way to save money and hopefully be able to pay off future mortgage payments. You need to be in perfect payment history, with no late payments for the bank to consider you for deferment. What you want to do is call your bank and ask for a deferment. Every bank has a deferment department. You can call 10 times and get 9 no’s you just need 1 to say yes.

HUD Assistance For Refinancing

HUD is working on something, but you have to understand this isn’t HUDs problem. They didn’t insure your loan. All they could do is refinance it as well. They are working on it, but don’t expect it to be anytime soon. They are trying to make it soon but its the government. They are trying to set it up so FHA could refinance these loans. They are already in talks to do this. Everybody is hoping sooner then later. Here is an article that explains what HUD and the Government are working on doing. You will just have to hang on as long as you can.

Miss Your Payment

The truth is that they won’t do anything until you get behind. You will have to miss payments before they will even talk to you. Seems stupid but that’s the way it is. You can write a hardship letter explaining why you cannot pay but you would have to have a good reason, usually medical reasons work well. This is a last resort and is not generally advised, but if you are out of answers, this is a last trick you can use to keep the leverage on your side and hopefully refinance your mortgage.

So if you have an ARM and are afraid you can’t refinance, there are some tips you can use to help you out while the lender gets its act together.