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madden_ds · Joined: 16 Sep 2009 Posts: 1 1.40 Dollars($)

Im self employed and worked out of the same carpet store for 12 years.I have a chapter13 bankruptcy that was discharged as of 08-29-09.I am presently in a loan that is 1074.68 monthly for the past 4 years at 9% interest. Work got slow around first of year and they give me a 6.9% rate and adjusted my payment to 779.00 monthly. they are looking to raise it back upin December and I cant afford it.One morgage company said no problem but then came and said oncethey received my taxes and I grossed 38,000 then seen net profit was what killed me because it drop to 13,000 and they couldnt get around that.Is there a loan that fits my problem of lowering my payment and interest while im trying to build my credit back up andqualify for something better? This is based on118,000 loan and last appraisal came in at 135,000.

adonis · Posted: Thu Sep 17, 2009 12:17 am Post subject:

Hi madden_ds,

If you are facing issues in paying off the mortgage and fear that you would default the loan payments in future, then it's better to apply for a loan modification. If the lender accepts your loan modification request, then you would be able to get a lower interest rate to pay off the dues. However, your loan term would get increased.

chrisburns · Posted: Mon Sep 21, 2009 1:06 pm Post subject:

I agree. In your situation the very first thing I would do is get the lender on the phone and start discussing your options for a loan modification. Let them know that because of the adjustment you will be in imminent danger of foreclosure if they don't do something now.

Make them aware that you know the Government has loan modification programs in place for people in your situation and you are trying to be proactive with them by contacting them before you start going late on the mortgage.

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Is there a refinance home loan that is based off gross income and not netprofit?