[blackasthma]

My guess is they're calling you because your statement is actually going out just before the 15th of the month, and your statement incorrectly indicates you're 'behind' 1 month on payments.

I'm sure they'd love to discuss refinancing (i.e., 'options') with you. I don't know the type of loan you currently have (guessing a 3- or 5-year ARM), but they can probably cut your payments in half by putting you on what is effectively a short-term negative-amortization loan, called a pay option. Sounds like you're keeping this property awhile, so I would strongly advise against the pay-option and anything that even resembles it. I was a broker, and most sub-prime scum won't tell you this.

If your FICO scores are way up, you may legitimately qualify for a better rate on a 15 or 30 year fixed IO. You really need to weigh refi costs (fees) + prepay penalty vs. savings on the new loan. My guess is you're better off waiting until your first adjustment period kicks in. By then your scores have gone up, your prepay term is over, and you (hopefully) have stronger equity, which only gives you more leverage to refi. It doesn't sound like you're having trouble making payments right now anyway.

There's big turmoil in the sub-prime lending world, and lender guidelines are literally changing on a daily basis. You might not find a good sub-prime alternative right now. NOO investment properties carry higher rates anyway, so maybe you're better off sticking this one out for a couple more years. Then again, it never hurts to ask your lender what they can do.