Workouts Work Out

摘要

Michael moore and his wife, rebecca, began careening toward foreclosure in 2005. That year the couple refinanced their $300,000 home in Livonia, Mich., going from a $149,000 30-year fixed-rate mortgage at a 7% interest rate to a $300,000 adjustable-rate loan with a teaser interest rate of 8%. They used a chunk of the cash to cover Rebecca's mother's medical bills. Some of the rest evaporated last year when the rate on their loan jumped to 11.35% and the monthly payment rose to $3,100. The couple started falling behind on payments, prompting foreclosure warnings from their lender. "You pray it will all work out," says Rebecca, 54.