Posted on: 25th Aug, 2011 02:15 pm
In 2003 my mother purchased a home at 143,000. When the market was good she was able to pull out money to get some things done to her house and pay off bills. SInce her house was worth some 260,000 a year later. She really wasnt aware that she took the loan out on interest only 5yrs. Then when the market turned for the worst and the 5yrs was up her payment went from 800 something to 3200. she hired a lawyer to try to negotiate a loan modification and was able to negotiate with the bank down to 2500. The house in her neighborhood is worth 145,000 at least, Exactly what she originally payed for. I just feel that she needs to try to get it down further in to a mor reasonal payment for her area. She doesnt have any money to hire another lawyer. Any suggestions that she can use to get her mortgage lower like in the 1500 range which would be comfortable.
Hi meesh!
Welcome to forums!
It will be difficult for your mother to reduce the payments further. Nevertheless, your mother should contact her lender once again and try modifying the loan further. However, it will be the lender's discretion whether or not he will consider your mother's request.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
It will be difficult for your mother to reduce the payments further. Nevertheless, your mother should contact her lender once again and try modifying the loan further. However, it will be the lender's discretion whether or not he will consider your mother's request.
Feel free to ask if you've further queries.
Sussane