Posted on: 13th Dec, 2010 07:26 am
Due to a medical leave of absence without pay, I am almost 30 days behind on mortgage payments. I have an FHA loan on condo/duplex dwelling, an upside down mortgage, and a 7% interest rate. What are my options to reduce my monthly payments?
Hi dcheeks!
Welcome to forums!
You should contact your lender and request for a loan modification. If your mortgage is modified, you will be able to get an affordable repayment plan to pay off the dues. However, the term to pay off the mortgage will get increased.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
You should contact your lender and request for a loan modification. If your mortgage is modified, you will be able to get an affordable repayment plan to pay off the dues. However, the term to pay off the mortgage will get increased.
Feel free to ask if you've further queries.
Sussane