Posted on: 07th Apr, 2010 12:45 pm
Our 5/1 mortagage loan is going to end in may 2010. Our credit history went bad bad with the credit debts still to be paid...made arrangements for min.payments. I lost my jobbut my husband is earning good. But his earnings is falling a couple of hundreds bhind for the payments. We have applied for obama relief plan and they said we dont fall into that. We are paying our motgage payments with 1 30 day late payment. By mayend, we will be done with our 5/1 loan. Will the loan rollover automatically to the current interest rates.Our home value is down atlest 25000-30000 less than the loan amount.
Hi ppadma,
As far as I know, your loan will not roll over automatically to the current interest rates. If the lender is ready to modify your loan and give you a favorable rate, then only you would be able to make payments as per the new plan. You will have to negotiate with your lender so that they could help you get a principle reduction or lower your interest rates.
As far as I know, your loan will not roll over automatically to the current interest rates. If the lender is ready to modify your loan and give you a favorable rate, then only you would be able to make payments as per the new plan. You will have to negotiate with your lender so that they could help you get a principle reduction or lower your interest rates.