Posted on: 26th May, 2010 06:54 pm
I'm trying to find a bank that will help us lower our interst payments on our 1st and 2nd. We keep getting told that the only way is to stop making payments whcich we really don't want to do... As you know it is not our faught the housing market came crashing down we just want to have a reasonalble rate since our home is so under valued. hope you can help
Hi gfief,
Stopping the mortgage payments won't help you in reducing your interest rate. If you have equity in your property, then you can apply for a refinance with your lender and get both the loans refinanced into one. This will help you in reducing your mortgage interest rate and you would be liable for one loan.
Stopping the mortgage payments won't help you in reducing your interest rate. If you have equity in your property, then you can apply for a refinance with your lender and get both the loans refinanced into one. This will help you in reducing your mortgage interest rate and you would be liable for one loan.