Our credit dropped because we can t keep up and our other bills are being paid late.
2007-12-05 02:53:21 · 9 answers · asked by brentmainhart@sbcglobal.net 1 in Business & Finance ➔ Credit
Contact you current lender to see if you can switch your mortgage to interest only, other than that talk to an independant mortgage broker, maybe they can help you remortgage your house onto a better deal (lower interest rate), a reputable mortgage lender wont charge a fee for advice. Hope this helps.
2007-12-05 03:06:04 · answer #1 · answered by leambi 5 · 4⤊ 0⤋
First of all call your mortgage lender. If you are on a repayment + interest mortgage, see if they will consider changing you to interest only. A fee is usually charged to do this though. Alternatively you could see if they will capitalise any missing mortgage payments.
Alternatively you could try and re-mortgage with another lender, there are companies who can help people with bad credit.
If you really want to stay in your home, there are companies out there that will buy your property and then rent it back to you, although you have to have quite a bit of equity in it for this to be worthwhile.
As a last resort, you could consider selling your property
2007-12-07 08:39:51 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Talk to your lender and see if there is anything you can do to adjust your payments lower (without incurring a lot of fees, especially up-front). At the same time, put the place up for sale and prepare to move somewhere cheaper. The longer you wait, the worse the impact will be on your credit due to the lagging payments.
2007-12-05 04:53:03 · answer #3 · answered by Sam B 2 · 0⤊ 0⤋
first see if you can stay with someone, and rent out the house and get a deposit to pay some of the back payments. work out a payment with this deposit that you receive from the renter with the mortgage company. offer the renter last month free rent because of the needed deposit. That what I did and it saved me a lot of money at the end. Now years later the house is paid off and i receive a monthly income from this property that i almost lost.
2007-12-05 04:33:42 · answer #4 · answered by angels5262 5 · 1⤊ 0⤋
Adjustable rate mortgages get you into trouble - I guess you are learning that the hard way.
Any chance of someone in the family picking up an additional job? Or could parents help?
See if you can refinance to another type of mortgage, but that's not real likely but is worth trying.
Other than that, trying to sell might be your best option.
Good luck.
2007-12-05 03:37:33 · answer #5 · answered by Judy 7 · 0⤊ 0⤋
if your payments became late AFTER your interest rate adjusted then you may qualify for the FHA Secure program. Contact a mortgage broker.
2007-12-05 03:55:29 · answer #6 · answered by C B 2 · 0⤊ 0⤋
Try speaking to an INDEPENDENT mortgage broker as you may need help that a high street lender could not provide.
Try www.lgminsurance.co.uk
2007-12-06 02:58:58 · answer #7 · answered by emms 1 · 0⤊ 0⤋
If you can't refinance you might want to consider selling the house.
2007-12-05 05:51:36 · answer #8 · answered by heybulldog 5 · 0⤊ 0⤋
be out and about searching for money to earn instead of being on here!
2007-12-05 03:03:14 · answer #9 · answered by Anonymous · 0⤊ 2⤋