Posted on: 29th Apr, 2010 07:59 pm
hi, i am from phoenix, arizona and am having a lot of difficulty paying my mortgage. i am a construction worker and my pay has been cut in half so it is very difficult to make payments between my wife and i. we bought out home in 2005 for $240k with two mortgages. one mortgage is with countrywide for 200k and the other is with americas servicing company for 40k. both of the rates are fixed and my payment between the two is $1700.
my home is currently worth probably around $170k so i really don't have an option to refinance.
i hear in the news a lot about all the federal government changes that are being made to help homeowners but i don't know how to access those services and get some help. does anyone have any suggestions on what options i have to lower my payment? who should i call? what should i ask of the mortgage companies? any suggestions? i greatly appreciate it.
my home is currently worth probably around $170k so i really don't have an option to refinance.
i hear in the news a lot about all the federal government changes that are being made to help homeowners but i don't know how to access those services and get some help. does anyone have any suggestions on what options i have to lower my payment? who should i call? what should i ask of the mortgage companies? any suggestions? i greatly appreciate it.
Hi nstanisic,
You will have to contact your lender and apply for a loan modification. Depending upon your financial situation, the lender may or may not accept your request. If your request is accepted, then your interest rates will be lowered which will help you in reducing your monthly payments. Thus, it would become affordable for you to pay off the loan.
You will have to contact your lender and apply for a loan modification. Depending upon your financial situation, the lender may or may not accept your request. If your request is accepted, then your interest rates will be lowered which will help you in reducing your monthly payments. Thus, it would become affordable for you to pay off the loan.