Posted on: 19th Dec, 2010 11:23 pm
I have a loan of 399k and a small loan of 99k. the big loan is at 7.0 and the small at 9.9. the loan i have is an arm. the problem is the house is worth less than what its worth 425k. i am having problems paying the mortgage but have not failed to make a pyment yet. i have been depleting my savings. I bought the home when i was single but now i am married. dont know if that matters, except that we both work and make a combined income of 185k a year (los angeles) i just want to lower my interest rate/payments. is this possible?
Hi Gus,
If the mortgage and the property is solely in your name, then you should contact your lender and apply for a loan modification so that it becomes affordable for you to pay off the dues. The lender will check your financial situation and if he is convinced, he will offer you the loan modification. This will help you in saving your property.
Take care.
If the mortgage and the property is solely in your name, then you should contact your lender and apply for a loan modification so that it becomes affordable for you to pay off the dues. The lender will check your financial situation and if he is convinced, he will offer you the loan modification. This will help you in saving your property.
Take care.