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How can I get my monthly payment LOWER?

how to lower my mortgage payment so i do not lose my house lost my job after 25 years ...need help so i do not lose a house that i have livid in all my life born in this house. parents only owners . lost my job my wife does not make that amount of money to cover mortgage HELP!!!!!!!!!!!!

eric1's picture
eric1 | Joined: January 4, 2009 03:52 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

You need to see if you can get your bank to modify your loan so that your payment is lower.

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 00:34 | Post subject:

smith.sussane's picture
smith.sussane | Joined: September 18, 2008 09:57 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi paskounis!

Welcome to forums!

I agree with Eric. Loan modification is the best option for you in order to save the property. You can write a hardship letter to your lender explaining your situation and check if he can modify the loan for you.

Feel free to ask if you have further queries.

Sussane

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 00:34 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

my grandmother been in her house for 17 years and she 78 year old and she cant pay 1100 a month now how can she get it lowed

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jameshogg's picture
jameshogg | Joined: December 20, 2005 02:58 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi antwan,

She can go for a reverse mortgage. If she goes for this option, she may not be liable to make payments every month.

Thanks

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

hello, folks !
one should understand the math properties of mortgage loans: the monthly payments get smaller once either interest rate is lowered (what happens now when Central Banks lower the rates), or when the duration (maturity) of a loan is increased, or when you reduce the nominal value, i.e. do a prepayment. All this you can see on finadatasolutions.com. You may also consider a scenario to sell your house, pay the remaining loan, then buy a new, cheaper house (this applies when you already paid notable fraction and your house costs enough to exchange it for cheaper but still suitable house).

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jameshogg's picture
jameshogg | Joined: December 20, 2005 02:58 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Thanks for sharing this!! :)

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

i was awarded marital home in a divorce , his name on mortgage, i am the spouse. because of divorce my credit is poor, and property has a mobile home, with 2 pole barns on 20 acres, How can i get a refi to get his name off mortgage, his name is not on titles,insurance,tax records,etc only the mortgage

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smith.sussane's picture
smith.sussane | Joined: September 18, 2008 09:57 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi claudia!

Welcome to forums!

Unless you have good credit and income, it will be difficult for you to [url=http://www.mortgagefit.com/Mortgage-Basics/do-i-qualify-for-a-mortgage.h... for a mortgage[/url]. You should first try to improve your score and income and then apply for a loan.

Feel free to ask if you've further queries.

Sussane

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 00:34 | Post subject:

eric1's picture
eric1 | Joined: January 4, 2009 03:52 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

You can try to [url=http://www.mortgagefit.com/refinance.html]refinance[/url] to a 40yr fixed, an ARM with a lower rate or an interest only loan.

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