 jsmith1
Joined: 19 Jan 2010
Posts: 1
1.29 Dollars($)
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 Posted: Tue Jan 19, 2010 10:17 am Post subject: need loan on land-only modified |
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| I have had a piece of land - 1 acre in FL for 6 years now & my rates have gone up, that was fine when I was working, now I am loosing my job & want to modify my $450/month payment for this land that refuses to sell. Of course I owe more than its valued at now. Paid $65k, now appraised at $30K, any advice is appreciated!! |
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smithsussane
Joined: 18 Sep 2008
Posts: 4484
Location: Alaska
435.29 Dollars($)
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| Posted: Tue Jan 19, 2010 11:33 pm Post subject: |
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Hi jsmith!
Welcome to forums!
You'll have to speak to your lender and apply for a loan modification. If the lender agrees to your request, then he would lower your interest rates. Thus, your payments would reduce and it would become affordable for you to pay off the loan. However, the term of the loan will get increased.
Feel free to ask if you've further queries.
Sussane |
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