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 novapink
Joined: 31 Jul 2006
Posts: 1
1.24 Dollars($)
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 Posted: Mon Jul 31, 2006 6:45 pm Post subject: Refinancing while on disability |
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| I am on disability and my mobile home payments take over half of my monthly checks. I desperately need to refinance in order to lower my monthly payments. Can you point me in the right direction? |
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Caron
Moderator
Joined: 19 Jul 2005
Posts: 1562
Location: florida
266.58 Dollars($)
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| Posted: Mon Jul 31, 2006 8:24 pm Post subject: RE: Mobile home refinance |
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Hi,
Welcome to the forums.
You can refinance and lower your monthly payments. But you should replace your current mortgage with that having a 2% lower rate; otherwise you won't benefit from refinancing. Our resources on Refinance can give you a complete knowledge of the process.
I would also like to mention that in order to pay off the mortgage, you can also use Mortgage Disability Insurance provided you have earlier applied for the policy.
Thanks,
Caron. |
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Phillibuster
Guest
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| Posted: Thu Apr 16, 2009 6:47 pm Post subject: Refinancing while on disability |
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| Need to refinance now. Seven months before I was placed on total permanent disability had refinanced my house to a 15 year loan. My monthly payment is $2926. My gross monthly income is now $5200. My home's value is $375,000 at the low end and the low $400,000's at the high. Have tried to survive, but is getting much harder. Any suggestions? |
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savior70
Joined: 25 Mar 2009
Posts: 1422
Location: Florida
168.75 Dollars($)
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| Posted: Fri Apr 17, 2009 6:51 am Post subject: |
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Hi
You can go for a loan modification program. It will lower your monthly payments so you can afford them. Discuss this with your lender and let us know what they have to say. |
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