How to reduce mortgage payment?
by Mortgage Rates on Saturday, October 23rd, 2010 | 5 Comments
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At this time, with a mortgage late payment and changed finances, you will probably not be able to get a better rate than you already have…or if you do, not lower enough to help lower the payments significantly. And if you get one of those variables with a low or interest only payment for a few years (and that’s IF lenders are offering such programs in this day and age), it will only buy you a small amount of time before the payment will kick back up and you’ll be back where you started.
Your options are to tough it out, sell or rent the house out and rent an apartment you can afford.
With the housing situation today, not many lending organizations are willing to restructure loans to reduce the payments. However, it never hurts to ask, you may be pleasantly surprised. If that doesn’t work (and you probably don’t want to hear this) but maybe it was too much house for you in the first place. Consider selling and buying a less expensive house.
yes when the financial situation occured did you downsize at the same time === if not you should have — maybe time to get rid of cable cell phones internet service eating out till you financial situation goes north again!!!
I don’t think you’ll find a rate lower than that today. Why don’t you check with your local lenders to see what it is today/tomorrow. But watch the news in the next couple of weeks. We all are HOPING for the Fed to lower the prime bank rate. And then it may be worth your while to refinance. It costs you money for closing, so if you can avoid it I would.
Also try calling 888-995-HELP it is a counseling service approved by HUD to help folks like you. Your other choice is to take a part time job to supplement your income for awhile.
Refinance it and put more money down when you do.