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novapink · Joined: 31 Jul 2006 Posts: 1 1.24 Dollars($)

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?

Caron · Posted: Mon Jul 31, 2006 8:24 pm Post subject: RE: Mobile home refinance

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.

Guest

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?

savior70 · Posted: Fri Apr 17, 2009 6:51 am Post subject:

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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Refinancing while on disability