Posted on: 07th Sep, 2006 04:31 pm
I purchased a home in November 2005 with a 1st and 2nd mortage (minus property tax and insurance). My income decreased significantly by 2/3. I have not made the August or September payments. I have been in contact with both mortages and do not know what to do from here. What do you recommend?
hi mjacques,
since your income has reduced, i feel you should get rid off at least one mortgage, preferably the second one. you can refinance the first home loan with an amount higher than the outstanding balance and then with that extra amount pay off the second loan. so, you will finally have one mortgage and hence a single loan payment each month.
thanks,
caron.
since your income has reduced, i feel you should get rid off at least one mortgage, preferably the second one. you can refinance the first home loan with an amount higher than the outstanding balance and then with that extra amount pay off the second loan. so, you will finally have one mortgage and hence a single loan payment each month.
thanks,
caron.