Posted on: 14th Jun, 2010 12:32 pm
we wanted to refinance our mortgage t get a lower payment they said we don't make enough money but then turned around and added a $1000 dollars to our already high bill for the property tax can they do that?
Hi happypeoplex!
Welcome to forums!
If your property taxes have increased, then the lender can add extra amount to your already high bill. You can apply for a loan modification with your lender. This will help you in getting your payments reduced. However, your loan term may get increased in this process.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
If your property taxes have increased, then the lender can add extra amount to your already high bill. You can apply for a loan modification with your lender. This will help you in getting your payments reduced. However, your loan term may get increased in this process.
Feel free to ask if you've further queries.
Sussane
we tried that but they said we don't make enough money the. Mortgage is in my grandmothers name and they wont put my name on it so we could get lower payments and she lost her job. what can we do? thank you for the help.
Welcome Jen,
Unless the lender is convinced about the fact that you would be able to make payments with your present income, he won't be ready for a loan modification. Lowering your payments won't help if you're unable to make the payments. In that case, I'm afraid, you may lose the property.
Unless the lender is convinced about the fact that you would be able to make payments with your present income, he won't be ready for a loan modification. Lowering your payments won't help if you're unable to make the payments. In that case, I'm afraid, you may lose the property.