2007-11-01 02:21:18 · 5 answers · asked by martipzoe 1 in Business & Finance ➔ Renting & Real Estate
What did you do? Put it on your Mastercard? I have never heard of an interest rate that high.
You can't lower the rate without refinancing. This is a legal contract and can only be altered by writing a new contract and paying off the old one.
Interest rates were only about 6.5% in 99, I can not imagine how you ended up with this.
2007-11-01 05:59:24 · answer #1 · answered by Landlord 7 · 2⤊ 0⤋
Why isn't refinancing an option? Lowering your rate can only be done by refinancing. The company that holds you current mortgage is very unlikely to drop the rate out of the kindness of their heart! Do you have any equity in the property?
In reference to the answer below mine...I see that she is a top contributor but on this answer she is totally wrong.
If your credit is so bad that you can't refi you likely won't be approved for a HELOC either (underwriting on a HELOC is much more Conservative than on first liens). Also those programs you hear about to get out of debt and pay off your home more quickly by using a HELOC are total BS scams.
Talk to someone who actually knows what they are doing. Where is your home located?
2007-11-01 09:34:28 · answer #2 · answered by J O 3 · 0⤊ 0⤋
Why is refinancing not an option? If you have equity in the property and if you have had it since 1999 and have not refinanced you should have some equity. Unless you have leins on your property that is the only thing I would think that wold not allow you to refinance.
They are going to hold on to your 17.5% rate you signed the paperwork at closing and they have no reason to drop it.
You can always call them and see what they say?
Is this a singlewide or something similar?
2007-11-01 09:56:42 · answer #3 · answered by Anonymous · 0⤊ 0⤋
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 09:40:52 · answer #4 · answered by shipwreck 7 · 1⤊ 0⤋
17.5 Holy Crap
you can call your current mortage company, and ask
about any type of refi.
2007-11-01 09:30:34 · answer #5 · answered by Fuzzybutt 7 · 0⤊ 0⤋