I am trying to find a way to lower my payments because I don’t make enough money. Loan modification is one way but I don’t know all the details about it and it seems for people that are already behind on there payments. I don’t know if I qualify for refinancing as well but my house is not worth what I paid for it. If anyone knows about some of the new programs out there that will help the people that are still making there payments but can’t really afford them. Thx.
What Is The Best Way To Lower My Home Loan Payment?
November 30th, 2009 by Home Loans Leave a reply »
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A Loan Modification is a permanent change in one or more of the terms of a mortgagor’s loan, allows the loan to be reinstated, and results in a payment the mortgagor can afford.
Be very careful if you choose to use a loan modification company that takes a fee up front to negotiate your loan modification for you. They cannot guarantee a successful modification and can end up costing you another month’s mortgage payment in exchange for false hope. The best of these companies have done the modification countless times and will actually try to help you in earnest without guarantee. The worst are scams that take your money with a cursory attempt to help you (if any).
I’m sorry to read about your situation. I regularly deal with customers who are struggling with their mortgages. A little more info about your situation would help me give you better advice but…….
If you can’t afford your mortgage payments but you’re making the payments then how are you paying for other living expenses? Are you using your credit cards to make ends meet?
As you know the housing market is not good for trying to sell at a good price and using credit cards to cover the gap in your monthly budget is not sustainable. You may need to look into short selling your home, so at least you won’t be liable for any difference in your loan balance and the value of your home.
Reaching out to your creditors to ask for help is a good place to start.