Posted on: 17th Oct, 2008 05:52 am
Hi,
First post here. I am able to make my mortgage payments, even after the new interest rate took effect. My family has made sacrifices to do this, but I am a believer of paying my debts. My question is; is there any help out there for people like me who is current on their payments, and are able to make payments?
It seems like that only those who default on their mortgage is getting help from the government. Like a lot of you my loan is worth more than what my house is worth. I would like to sell my home, but with the market the way it is that is impossible. Is there a way that I could refi my home to a lower fixed interest rate, or to lower my monthly payments? I just want to do the right thing, but don't like seeing my family having to make sacrifices. Any advice would be appreciated
First post here. I am able to make my mortgage payments, even after the new interest rate took effect. My family has made sacrifices to do this, but I am a believer of paying my debts. My question is; is there any help out there for people like me who is current on their payments, and are able to make payments?
It seems like that only those who default on their mortgage is getting help from the government. Like a lot of you my loan is worth more than what my house is worth. I would like to sell my home, but with the market the way it is that is impossible. Is there a way that I could refi my home to a lower fixed interest rate, or to lower my monthly payments? I just want to do the right thing, but don't like seeing my family having to make sacrifices. Any advice would be appreciated
You should call up your servicing company and ask to speak with the modification department. A loan modification may be granted if you can concoct a good enough hardship letter. The fact that you are ontime and upside down may be good leverage to get the bank to offer you more favorable terms if you threaten to have to fall behind if they don't modify the loan for you.
Thanks Chris,
I'll try that.
I'll try that.
