How can I get my monthly payment LOWER?

Jessica
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You may face difficulty in paying off your monthly mortgage payments. Chances are there that you may default in paying off the loan. In case of default, you may have to face the scars of foreclosure.

If you are indeed facing troubles in paying off your loan, first of all, you must write a hardship letter to your lender. Through a hardship letter, you can bring to the notice of the lenders the problems faced by you. The hardship letter must clearly explain the reasons why you are in default, what measures you have resorted to rectify the situation and what workout plan you are interested to adopt. If your lender is convinced, you may be offered some relaxations or waiver in the loan payment.

Anyways, loan modification program would be the best option under such circumstances. Loan modification program modifies your existing loan to a new one with better terms. This offers you the chance to lower down the monthly mortgage amount, which in turn helps you repay the loan with more ease. Moreover, this also helps you save some money on a regular basis. The term of the loan is however increased.


Last updated on January 14, 2013

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Mini Profile  paskounis1




Joined: 16 Mar 2009
Posts: 1

1.56 Dollars($)
Post     Post subject: 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!!!!!!!!!!!!
Mini Profile  eric1

eric1
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Joined: 04 Jan 2009
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Post     Post subject:

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

smith.sussane


Joined: 18 Sep 2008
Posts: 12591
Location: Alaska
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Post     Post subject:

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
antwan


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Post     Post subject: about my grandmother house

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
Mini Profile  jameshogg

jameshogg


Joined: 20 Dec 2005
Posts: 12157
Location: Nevada
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Post     Post subject:

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
guest 2


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Post     Post subject: from theory to practice: how to reduce monthly payments

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).
Mini Profile  jameshogg

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Joined: 20 Dec 2005
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Thanks for sharing this!! Smile
claudia


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Post     Post subject: lower payment,refi

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
Mini Profile  smithsussane

smith.sussane


Joined: 18 Sep 2008
Posts: 12591
Location: Alaska
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Post     Post subject:

Hi claudia!

Welcome to forums!

Unless you have good credit and income, it will be difficult for you to qualify for a mortgage. 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
Mini Profile  eric1

eric1
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Joined: 04 Jan 2009
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Post     Post subject:

You can try to refinance to a 40yr fixed, an ARM with a lower rate or an interest only loan.
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Eric JLow Down Payment, No PMI !
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