i need to lower my payments. i can pay but not the amount agreed upon.
2006-10-10 09:08:29 · 17 answers · asked by spockman40 1 in Business & Finance ➔ Renting & Real Estate
stop living beyond your means.
stop trying to lower your payments. You are wasting time.
Sell your car.
Cut off that cable or Dish.
If there are any proceeds pay off and destroy your credit cards.
If you can make any returns to the department stores credit cards do it.
Stop eating out.
Get rid of that cell phone.
Get a cheap cheap land line.
Turn off your broadband access. Use the library.
take your lunch to work every day.
dont use toll roads, go the long way.
or
Pack your stuff and walk away.
move into an apartment.
2006-10-10 09:40:13 · answer #1 · answered by Thoughts Like Mine 3 · 2⤊ 1⤋
First, contact the mortgage company and see if you can set yourself up on an interest-only plan, where you are not paying down the principal but you are staying current.
Second, get a second job or do whatever it takes to keep your head above water. If you lose your house it can financially ruin you and you need to take this seriously and do something NOW. Mow lawns if you have to.
2006-10-10 09:23:09 · answer #2 · answered by Anonymous · 2⤊ 0⤋
Your best bet is talk to the lender and see about a forbearance agreement reducing the payment. However your statement that the property is not worth the mortgage concerns me.You might want to read this information: Predatory Lending information from ABA: http://www.aba.com/Consumer+Connection/CNC_pred1.htm
2006-10-10 10:01:07 · answer #3 · answered by newmexicorealestateforms 6 · 1⤊ 0⤋
You could consider taking in a renter to help you make the payments. Otherwise, you're other option would be to sell the property and purchase one you can afford the payments on.
2006-10-10 09:53:50 · answer #4 · answered by Anonymous · 0⤊ 0⤋
You should try to rent space to make up the portion of the mortgage that you are short. Make sure you notify your mortgage company if you are going to be late to avoid foreclosure. Good Luck!
2006-10-10 09:23:14 · answer #5 · answered by ivee444 1 · 0⤊ 0⤋
Some states, California for one, let you just trun the property over to the mortgage company and walk away. You might talk to an attorney to see if your state allows this.
2006-10-10 09:38:27 · answer #6 · answered by WJVV 4 · 0⤊ 0⤋
generally no. yet, I watched a tutor on between the information channels approximately how banks are initiating to artwork with human beings in the back of on their motor vehicle own loan. They get extra money in the event that they artwork with the borrower than in the event that they repo the vehicle. call up the financial business enterprise and ask.
2016-10-19 03:59:12 · answer #7 · answered by ? 4 · 0⤊ 0⤋
Your only option is to contact your mortgage servicer and see if they will set up a payment plan with you. If they refuse to, you may want to start looking for someone to purchase your home so it doesn't end up in foreclosure.
2006-10-10 09:13:46 · answer #8 · answered by KL 5 · 2⤊ 1⤋
Why can't you refinance?
Are you saying that you you're upsidedown on the mortgage? ( the house is appraised lower than what you owe )
If you need help give us a call here at Omega Funding Group, we can look at your situation in detail and tell are a mortgage broker. Call
1-888-663-4221 and ask for Joseph.
Good luck.
2006-10-10 09:19:17 · answer #9 · answered by Anonymous · 0⤊ 3⤋
I hope you are not looking at foreclosure. You need to act quickly and either rent out the house or cut your losses and sell.
2006-10-10 09:18:01 · answer #10 · answered by Curious 1 · 1⤊ 0⤋