Adjustable rate mortgage

Alaskapat, I was in the same situation as you. If you have bad credit it's going to be very very hard for you to refinance specially now that the market is doing so bad. My mortgage company contacted me and they were offering a loan modification program for everyone who had the ARM, they reduced my interest to 8% which lowered my payments by $150 and they did this program for 2 years, which means my mortgage is fixed for the two years. I really suggest you call your mortgage company and ask them if they are offering any loan modification programs for people with ARM, otherwise your mortgage will continue to go up every six months. Call them they might be able to help you. The good thing was that they didn't care about credit with this program. Good Luck and please keep us posted.