Posted on: 26th Mar, 2009 12:09 pm
We are current on both 1st and 2nd mortgage. My income recently decreased by 15k. Our interest rates are 9% and 10.65% respectively. I contacted our lender and was told to write a hardhship letter noting this was a "special request' because we are not behind....yet. Will me situation qualify? or do I have to wait until we are behind to better my chances. This does not seem right.
With the special laon programing that the Obama Administration has set in stone, you may qualify to get a better rate right now if you just write the hardship letter.
Your interest is high and your income has decreased. This sounds right. Don't wait till you get diliquent, this is the perfect time to take advantage of the opportunties at hand. Being done this easily, it was never as simple as writing a hardship letter before now.
Your interest is high and your income has decreased. This sounds right. Don't wait till you get diliquent, this is the perfect time to take advantage of the opportunties at hand. Being done this easily, it was never as simple as writing a hardship letter before now.
Not sure we can refinance as we owe more than the house is currently appraised. I will start with the hardship letter and see what happens. Thanks for the advice! :D
They will most likely want you to provide paystubs as well to show you can't afford your current payment.