Great credit, Never missed a payment, Good job, But won't beable to make monthly payment's soon, Been in home for 7 year's, due to some bad refinancing, and know currently in a bad loan, ( With a High per-payment penalty) I find myself wondering if there is anything that can be done, I don't want to lose my home! And I would hate to give up my perfect credit situation!! Any Options??
2007-05-30 07:28:09 · 3 answers · asked by LUNTUNBABY 1 in Business & Finance ➔ Credit
I gather you do not want to refinance again. I would suggest contacting your current mortgage company BEFORE you get behind and explain the situation. Many times they will work with you go get you into a new or revised mortgage so you don't end up in default. Believe me, they do not want your house.
Good luck.
2007-05-30 07:41:07 · answer #1 · answered by g-lady 3 · 0⤊ 0⤋
Do you live in an area where you could rent the house at a level that would cover your monthly payments, or almost?
Many people rent their homes, that is how many build wealth over time. Let someone else make the payment for awhile if that is an option. If that is not an option for you, then start calling around to lenders and get an idea of how they could help. With great credit, I am sure someone can help or give some really solid advice. Good Luck.
2007-05-30 08:14:26 · answer #2 · answered by G-man 3 · 1⤊ 0⤋
If you have enough equity in your home to cover the pre-payment penalty it may still be an option to refinance, that would be better than losing it to foreclosure. I would check with some reputable banks see what is available, find out how much equity you have built up and go from there. Can't make a decision without knowing the fact.
2007-05-30 09:10:12 · answer #3 · answered by Pengy 7 · 0⤊ 0⤋