2006-10-26 04:25:19 · 9 answers · asked by Annie 2 in Business & Finance ➔ Renting & Real Estate
This is a great question, but a broad one as well. Without specifics, it is hard to say. How much equity do you have? How much debt do you have? If you can consolidate your debts into a mortgage you will definitely free up cash flow, however, with the lates on the mortgage you may not be able to qualify.
The loss mitigation department at your mortgage company may be able to make arrangements with you to catch up so you keep your home, but it will not lower your payment, if anything, they may raise it to catch up the outstanding balance.
Contact a mortgage lender, yours or a different one. Have them work up options for you, and if it makes sense to you go thru with it. Don't make any hasty decisions, and research the programs that are presented to you.
Good luck to you.
2006-10-26 05:37:57 · answer #1 · answered by Justin 3 · 0⤊ 0⤋
How many months are you late on your payments? If you are more than 3 months late, then there is a possibility that your loan may go into forclosure. You probably already know this and that's why you are trying to get help. The best thing to do is to call a mortgage company that can possibly help you understand your situation and will be honest with you. If you have a good credit score then you may be eligble for an option arm where you choose your monthly payment. Some may advice you against it but if you get the loan officer to really explain it to you and you understand what you are doing then this could be your best option, however, if you are thinking of selling do it now. Why? A lot of people are trying to sell for the same reasons as you, but there arent too many buyers because the market is changing. If you want to keep your house then your best choice would be to refinace. You will have to do it soon because whatever equity your house has gained might be lost if you wait too long. There are several options and i suggest that you really think about which is best for you. If you have anymore questions please feel free to call 1-866-609-4674; we will gladly help you. Adriana & Jessica Gutierrez.
2006-10-27 20:41:19 · answer #2 · answered by prezgirl 1 · 0⤊ 0⤋
You have several options. As mentioned before,thru your loss mitigation department they should offer loan forebearance or modification programs. Forebearance may make arrangements with you to pay some of the back payments now and the balance within a certain time period and modification figures all back payments,penalties and such into a new monthly pymnt amount, almost aways more than your current pymnt. You can borrow to reinstate. Friends, family and such. Refi is an option, however whether it is a new loan or refi, it's about risk assessment and since you're behind on your current it's not very likely. Be very cautious about sending advanced fees of $300.00 to $600.00 to lenders or mortgage brokers. Usually it's a ploy to take advantage of your financial situation. Bankruptcy is a viable alternative if your financial situation has IMPROVED, filing bankruptcy prior to the auction will stop the sale. Unfortunately for most people, it only postpones the sale for one or 2 months. You could sell your home on the open market rollover the profits and downsize to a more affordable home. Another option is a hard money lender. Usually will lend 60% to 75% of the equity in your home, the bad news is the loan is for a high intrest rate and a short term to be paid in full. The last option would be to work with an investor. Most would look to buy the home and offer some cash to walk away with your equity. If you consider working with an investor and keeping in mind that you want to save your home ask him/her about a sale/leaseback transaction. I hope this offers some help.
2006-10-26 12:23:07 · answer #3 · answered by Chasein co 2 · 0⤊ 0⤋
Refinancing will likely make your payments go up. If you are just starting to fall behind, call the collections department of your lender and see if you can work out a plan to catch it up. Sometimes, they will allow you to stick the delinquent amount onto the end of the loan and start paying regular payments again.
I'm not sure you could reduce your payments though.
2006-10-26 12:25:07 · answer #4 · answered by Anonymous · 0⤊ 0⤋
make bi-weekly payments ... not 1 payment a month, but 1 payment every 2 weeks, or (in other words) 2 payments a month
2006-10-26 11:33:10 · answer #5 · answered by Franklin 2 · 0⤊ 0⤋
You can speak with your (or any other) mortgage company to refinance your loan, but that will likely incur closing costs or the like. If you can't afford the house, then you need to move to a less expensive one.
2006-10-26 11:28:38 · answer #6 · answered by Phoenix, Wise Guru 7 · 0⤊ 0⤋
Mortgage companies are required in most states to offer "loss mitigation" -- contact them and ask for the loss mitigation department. If you can't refinance, you might be better off selling your house, preserving your equity and buying something more affordable.
2006-10-26 11:27:44 · answer #7 · answered by DLeibowitz 5 · 0⤊ 0⤋
Refinance, Consolidate or seek a debt management firm who can work with your creditors.
2006-10-26 11:32:50 · answer #8 · answered by kandekizzez 4 · 0⤊ 0⤋
have you considered refinancing?
try making arrangements with them to do this.
that's all i have.
2006-10-26 11:32:36 · answer #9 · answered by Sufi 7 · 0⤊ 0⤋