So many people are now facing the nightmare of not being able to pay their mortgages in full due to the increase in the interest rate of the adjustable mortgage rate.  The adjustable mortgage  has its place, but in most instances they should only be used to get the initial loan and then the borrower should watch closely and get a lock on a set mortgage rate as quickly as possible.

When you are facing an adjustable mortgage you face the possibility of having your rates go so high you can't possibly make the payment, particularly if you were a buyer that just made the cut in being able to qualify.  Is it the problem of the bank loaning you the money?  Well, that's certainly part of it.  Part of it is the desire to own a home prior to actually being able to afford one.  Part of it is the pressure of "the Jones Syndrome" where all your friends have a house and you want one too, before you are financially able to handle any changes in the rate or the monthly costs of owning a home.  What if the gas price to heat your home increases dramatically?  What if the sewer rates double (as has been happening more often all over the world)?  What if your insurance rate goes up?  All of these need to be considered when you are buying a house.  Then you add in the adjustable mortgage rate and you have a real issue to deal with when you least can afford it.

Should the government get involved and help with the rate?  Should the bank give you a break?  Maybe to both, but don't count on it.  You are the one that took out the loan and are solely responsible for paying it off.  What about re-financing?  Is it an option?  Do you have payment protection insurance on your home? 

If you are in a position that you just can't make it, then work with your bank to get your house sold for the best price you can rather than to face a foreclosure.  There are programs that will work with you to avoid a foreclosure if at all possible.  Then, it may mean that you take another part time job, or your spouse takes a part time job along with the full time job, maybe you have to work weekends, maybe it's "beneath" you to "flip hamburgers at $8.00 an hour" but if it saves your home, and you only have to do it for awhile, you are going to have to choose what is best for you and your family.