Posted on: 17th Sep, 2008 12:57 pm
i have 2 mortgages. the first is approximately $271k and the second is approximately $50k. i can afford to continue paying the first mortgage, but i cannot keep up the second due to changes in my employment situation. the balance of the second mortgage is due in the next month and i cannot refinance. how do i negotiate with the lender for a smaller payoff sum. i am considering selling tools equipment from my business to try to raise the cash, but there is no way that i can raise $50k. any advice???
Welcome Dave,
You can try and negotiate with the lender for a different payment plan wherein your payments would be affordable. Do you have both mortgages with the same lender?
One way to get out of this problem is to refinance the second at a lower rate if it's available. Alternatively, you can consolidate both the mortgages and refinance into a single loan. Then you'll only have to manage a single loan. And, hopefully you can get an affordable payment plan to be followed.
You may use the Consolidation and Refinance Mortgage Calculator to determine how much you can save by consolidation and refinance.
Thanks.
You can try and negotiate with the lender for a different payment plan wherein your payments would be affordable. Do you have both mortgages with the same lender?
One way to get out of this problem is to refinance the second at a lower rate if it's available. Alternatively, you can consolidate both the mortgages and refinance into a single loan. Then you'll only have to manage a single loan. And, hopefully you can get an affordable payment plan to be followed.
You may use the Consolidation and Refinance Mortgage Calculator to determine how much you can save by consolidation and refinance.
Thanks.