Likely they will stay below 5% for the next 12 months and depending on the Presidential election and who gets elected, they could stay below 5% for considerably longer.Eventually in 4-8 years, they will be back to 6-6.5% which is where the financial system hums right along.  

Action for the sake of action would be better served with stoic observation.

Consult your financial and legal professional(s) - I'm neither.

Can't just look short term, have to look long and evaluate if such action(s) are going to help or hurt you. 

And most importantly take action once you're ready!

Currently I'm a student at CCSF perusing a broker license and financial degree.

Together we hope to reach personal financial freedom.

I don't have a cma or anyone of the sort to ask or draw out a contract and wanted to know how can I draw out my own contract and what validates the contract to hold up if action is to be taken against the contract?

We always start from a financial side of thing and move forward, when it's time to inspect the property we arrive with our contractors and really get cost and condition to confirm what we already expect.Good luck!

The amount owed after legal action to avoid foreclosure can go from a few hundred to close to 2k.