Select Portfolio Servicing Inc Stuck in a 8.99% interest rate Salt lake city Utah

The interest rate does not change when ever they feel like it. You have an ARM(Adjustable Rate Mortgage) and in the loan agreement they have exactly how the interest rate changes and when it can adjust. When the Interest rate increases, your payment increases but you will still have a reduction in Principal. So in 7 years, unless you are not paying the full scheduled amount ON-TIME, I can guarantee you that your loan balance has decreased.

How much it has been reduced depends on what your payment is and the balance. But as with all Mortgages you will always pay more Interest at the beginning of the loan than at the end. As to how to get out of it, the best way is to refinance to a FIXED rate mortgage. You can try with your own bank, or go to another bank.   If that is not an option for various reasons you can attempt to use one of the various programs to restructure your morgtgatge. But most of those require you to actually be delinquent and/or with a foreclosure loming. If you are making your payments, while tough, generally won't get you any assistance.