call the loss mitigation department of your mortgage company and see if you can modify your loan with out a refinance.
ps, if you did an FHA loan, you can do a streamline refinance without an appraisal. You might have to pay the closing costs from your own pocket though.
Hi tomalynlawson,
As the appraised value of the property is lower than the mortgage, I don't think lenders will refinance the property. If you cannot refinance the property, I don't think there is any other way to lower the term of the mortgage payment. However, you can lookout for streamline appraisal as Elnora has suggested.
Thanks
As the appraised value of the property is lower than the mortgage, I don't think lenders will refinance the property. If you cannot refinance the property, I don't think there is any other way to lower the term of the mortgage payment. However, you can lookout for streamline appraisal as Elnora has suggested.
Thanks
tomalyn, if you wish to reduce your term to 15 years without refinancing, all you need to know is the monthly payment required to retire the loan in 15 years and then begin making payments of that amount. make sure you specify to your lender that the additional sums are to go to principal.
use the amortization schedule tool here to do that calculation.
use the amortization schedule tool here to do that calculation.
Exactly what George said. You just make a higher payment. Make sure you don't have a prepay penalty on your loan though.