Any suggestions on what to discuss with current mortgage company to negotiate a lower payment.
2007-10-25 14:53:04 · 6 answers · asked by J 1 in Business & Finance ➔ Renting & Real Estate
Diane B. & la45309 have THE BEST answers. Don't hide from your mortgage company.
Face the situation and ask the mortgage company to work with you. Ask to speak with one of the "powers that be" - not the person answering the phone!
Most mortgage companies ARE NOT in the real estate business. They want to lend money on secured assets - real property. Most of them DO NOT want to foreclose on anyone.
They prefer open and honest communication.
Thanks for asking your Q! I enjoyed taking the time to answer it!
VTY,
Ron Berue
Yes, that is my real last name!
2007-10-25 15:14:44 · answer #1 · answered by Ron Berue 6 · 0⤊ 0⤋
Well discuss the current situation with them and see what your options are. They may have a solution for you. Sometimes you can refinance without taking cash out, and lower your payment maybe making it easier to make the payment. Also, sometimes they can divert 1 payment to the end of the loan if that will help you short term. Now, if you are really in trouble and this is not a short term problem, maybe placing the house on the market to sell would be your only way out to save your credit rating. Good Luck
2007-10-25 22:05:08 · answer #2 · answered by Toffy 6 · 0⤊ 0⤋
Where is your property located? I will be able to help you if we have a lender in that state. You are current on your mortgage now, correct? There are programs available to you depending on your current situation. What is your current loan product? (fixed for how long, type of payment; principle and interest, interest only, etc., what payment are you able to afford)
2007-10-26 12:28:58 · answer #3 · answered by Cabo4cheap 1 · 0⤊ 0⤋
if you have equity in your home refinance get cash out and use the money to make payments. you can also lower your payments by making a defered amortization loan that has the bank make half of your payment and you make the rest. Let me know if you are interested in either will provide info to get there
2007-10-25 21:57:48 · answer #4 · answered by Fabio G 3 · 0⤊ 1⤋
contact your mortage company and let them help you if they can, if not see if you can find a different mortgage company with lower payments.
2007-10-25 22:00:55 · answer #5 · answered by Diane B 6 · 1⤊ 0⤋
get all your income documented and then get your bills go to your mtg co with them tell them what you will be able to pay and can they refi.
2007-10-25 22:01:29 · answer #6 · answered by la45309 2 · 1⤊ 0⤋