How can I lower my new mortgage payment without refinancing? HELP!?
by Mortgage Rates on Monday, November 29th, 2010 | 3 Comments
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If you’re going to have trouble making your new payment, contact your lender NOW to see if anytrhing can be work out. If you wait until you fall behind, it will be much more difficult.
Since you have no equity in your home, a refi will be difficult. You may in fact now owe more than the current market value.
ONe way to lower your payment would be for you to pay your taxes on your own but you still would need to put money aside or make sure to have the money when taxes are due.
If you want your interst to be lowered then I would contact your mortgage company and see what they can work with you. Sounds like you might have to refiance if you want a lower interst rate.
Sorry, but the only way to lower your payment is to refinance. Lenders are not allowed to change the term of your mortgage. It is against federal law for them to do that even if it is to your benefit.