Posted on: 10th Dec, 2010 12:34 pm
I am currently in an ARM mortgage. The home is worth about $245,000. I owe $437,000. My mortgage amount increases every year and is currently at $2345 per month. I am contemplating retirement are there any option that would reduce the loan and allow me to keep the house? nstuck and will not be able to keep this home upon retirement. th my that I will never
Hi nancyward,
I don't think the lender will go for a principal reduction and reduce your mortgage amount. However, if you want to keep the property, then you should contact your lender and apply for a loan modification. You will get a reduced but affordable payment plan in order to pay off your mortgage dues. However, your loan term will get extended.
I don't think the lender will go for a principal reduction and reduce your mortgage amount. However, if you want to keep the property, then you should contact your lender and apply for a loan modification. You will get a reduced but affordable payment plan in order to pay off your mortgage dues. However, your loan term will get extended.