How can I get out of my present 7.5% mortgage?
by Mortgage Rates on Tuesday, November 2nd, 2010 | 5 Comments
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talk to the lender, have a firm alternative to present.
with zero equity you;’re stuck with that mortgage – same as millions of other people – like me
If you suddenly find that you cannot handle your mortgage payments, call your lender to renegotiate the terms. The NFCCC found that half of those that went into forclosure, never called their lenders to renegotiate terms. Chances are, right now, they’d rather give you a better deal than have you forclose.
The National Foundation for Consumer Credit Counseling (NFCC) have (free) housing counselors who will advocate for you to reach the best resolution with your lender. Call them at 1-866-557-2227. You can also visit the Homeowners Crisis Resource Center at http://www.housinghelpnow.org.
Ride out the storm…you are not the only one in this situation! Eventually the market will pick back up, as well as the value of your home! If you can afford the payment, then just stay put! Good luck!
If you call your lender he isnt going to be very helpful. Alot of people I talk to, have called and been put on hold for atleast 1 hour. If you want help give me a call or email me. I would be glad to help you.
Jgoodwin@ulmod.com
1-949-313-2078