Posted on: 27th Oct, 2009 05:17 pm
I post this in another forum, but I think it really belongs here, so here goes:
I'm unemployed with no imediate job prospects and no income. I have money in savings and can afford my payments. I actually have enough to
pay off the house, but that would leave me next to nothing in savings on
which to live on. Chase says thay dont do conventional loans with a
co-signer. Mortgagefit.com says that: lenders require you to have an
income source in order to qualify for modification.
So what can I do to lower my monthly payments that wont drain my savings so quickly?
Can anyone point me to an instutition that allows co-signers?
Or any other ideas......
I guess I need to include some needed info, so here goes:
My Rate is 7.25% orignated in 1994, so the savings would be noticable.
Present prinicipal: $349.96 @ 7.25%
possible prinicipal: $137 @ 4.875% -15yr fixed =$213 less per month
possible prinicipal: $184 @ 7.75% -10yr fixed =$166 less per month
If I can find a loan at these rates (a private investor?), it equals a substational savings per month, and over 10yr a savings of over $19,000.
Not to mention that the drain on my savings would be reduced a good bit
which is the most important part..
Are there any private lenders / investors that I should contact?
I'm unemployed with no imediate job prospects and no income. I have money in savings and can afford my payments. I actually have enough to
pay off the house, but that would leave me next to nothing in savings on
which to live on. Chase says thay dont do conventional loans with a
co-signer. Mortgagefit.com says that: lenders require you to have an
income source in order to qualify for modification.
So what can I do to lower my monthly payments that wont drain my savings so quickly?
Can anyone point me to an instutition that allows co-signers?
Or any other ideas......
I guess I need to include some needed info, so here goes:
My Rate is 7.25% orignated in 1994, so the savings would be noticable.
Present prinicipal: $349.96 @ 7.25%
possible prinicipal: $137 @ 4.875% -15yr fixed =$213 less per month
possible prinicipal: $184 @ 7.75% -10yr fixed =$166 less per month
If I can find a loan at these rates (a private investor?), it equals a substational savings per month, and over 10yr a savings of over $19,000.
Not to mention that the drain on my savings would be reduced a good bit
which is the most important part..
Are there any private lenders / investors that I should contact?
There aren't any private lenders that can beat the rates you're currently receiving. The only mortgage I can think of that you'd be a good candidate for (considering your objectives) is a Reverse Mortgage. If you're at least 62, I'd look into that solution if I were you.
If you're under 62, sell the house before it drains you dry.
If you're under 62, sell the house before it drains you dry.
even at a higher rate of interest for a private lender, you might do well enough to have it make sense. your situation isn't amenable to obtaining a loan at market rates, so if you're trying that hard to reduce your monthly payments with a refinance, you'd either have to have a local credit union to work with that has liberal sensibilities, or you'll have to find a private lender whose pockets are deep enough and who doesn't require a ton of interest in return.
