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SBReinert · Joined: 31 Oct 2009 Posts: 1 1.35 Dollars($)

I purchased my home 4 years ago for $330,000, paid 20% down, put another $50,000 into fixing it up, and now I owe $260,000, and my house is worth $187,000. My pmt is 1/3 of my gross income. My interest rate is 5.75%. I have a equity loan of $22,000. I have a FannyMay loan. I have land I can't sell and a moter home I can't sell. We were planning to sell these and become debt free. I want to retire in 2 years and 2 months, but I can't with these pmts. I would like to just lower my interest rate. It might help. I don't want to walk away from my home. I did everything right and it seems like everyone else can get help.

elnoralittle · Posted: Sun Nov 01, 2009 6:00 am Post subject:

It does seem that way doesn't it.
The problem with your loan, is you have a first and a second. The new program that is out there for people upside down on value, does not apply to those with first and second mortgages.

The most I can suggest is to call the loan modification department of the mortgage company that holds your first.
They might be able to help you under the home affordability act. Since your income is set to dramatically change due to retirement, they might be able to help you. Patience is key in mods though, they could take over 3 months.

Company	Loan Type	APR	Est. Pmt.
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I would like a lower intrest rate on my mortgage