Posted on: 08th Oct, 2009 06:34 am
I am in need of lower mortg. payment due to a 70% decrease in income. I contacted my mortgage holder and they told me if I go through this program I will ruin my credit totally. My apr is 5.5% fixed and have never missed a payment nor late, however we can no longer afford the household expenses after paying the mortg. such as insurances, property taxes, food, etc., Why would this program ruin someone's credit. WE have 700+credit scores and have been a victim of unemployment as many others. We have done the best we could for the past 6mos after while being unemployed. Now we realize we are in jeopardy and seek help.
I do not think you fully explained the program. Are you saying that your current rate is 5.5% or that you can GET 5.5% under this program. How much would you save each month? Would you be able to make the new payments?
Also, I would take a hard look at ALL of your expenses. Cut everything. Cable TV, get rid of your home phone and only use a cell, no more eating out, side jobs, night jobs, etc etc
Do whatever it takes UNTIL your regular income is back to where it needs to be.
Also, I would take a hard look at ALL of your expenses. Cut everything. Cable TV, get rid of your home phone and only use a cell, no more eating out, side jobs, night jobs, etc etc
Do whatever it takes UNTIL your regular income is back to where it needs to be.
I am currently at 5.5% apr fixed. I am 1 step ahead of you in cutting expenses. My husband has been out of work since March 09. We cut the cable, we stopped eating out, I work nights, have worked diligently to pay in full ALL credit cards. Cutting out the home phone is not an option as we have young children and an elderly ill parent we care for and lives with us. Have been a user of Quickens for 15+ years, thus I know and can see the financial picture. We have crunched the numbers over and over and after mortgage, utilities, vehicle note, we have $546 left to be divided amongst insurances, property taxes, and food. That's why I need a lower payment.
Hi Guest,
Are you speaking about loan modification? A loan modification will help you in getting a lower interest rate which would in turn reduce your monthly payments. However, you should remember that it would increase your term for paying off the loan.
Thanks
Are you speaking about loan modification? A loan modification will help you in getting a lower interest rate which would in turn reduce your monthly payments. However, you should remember that it would increase your term for paying off the loan.
Thanks