2007-11-01 02:19:48 · 4 answers · asked by martipzoe 1 in Business & Finance ➔ Personal Finance
No they won't reduce your current rate. Pay it off if you can't refinance. It has been 8 years your credit rating must have been awful so unless you did something wrong it should be much better now. Consider selling the house if the payments are too much the buyer will get a much lower rate.
If you won't or can't sell the house or refinance sell everything you have to pay down the mortgage. Get a HELOC they are about 8% and use that to pay down the first mortgage.
2007-11-01 02:37:29 · answer #1 · answered by shipwreck 7 · 0⤊ 0⤋
Martizpo,
even in todays market , refinancing is possible. u need to find a bank that does manual underwriting (what most won't do)of the mortgage.
u have 8 yrs of payment history so u can get a loan.
visit daveramsey.com and look for Zannder Insurance they do intelligent mortgage.
may i suggest a reading of '48 days to work u love' d.miller . a good book for going forward and plenty of fresh reference material.
the other one is 'total money make over' d.ramsey helps our folks retain their cash.
spending less and getting more value from their paychecks.
our associates have a mandatory read of the books.
2007-11-01 02:32:57 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Oh my god!!! Are you kidding me? Why is refinancing NOT and option???????You need to talk to a mortgage specialist, that is a ridiculous rate!
2007-11-01 02:23:21 · answer #3 · answered by ladydi171 2 · 0⤊ 0⤋
WTF ALMOST 18%?!?!??! Man you are getting ripped off, BIG TIME.
2007-11-01 02:27:07 · answer #4 · answered by Anonymous · 0⤊ 0⤋