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How can I get my monthly payment LOWER?

Author: Jessica Bennet
Community Mentor
Ask Jessica
Posted on: 15th Nov, 2007 03:50pm
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.
Posted on: 15th Nov, 2007 03:50 pm
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!!!!!!!!!!!!
You need to see if you can get your bank to modify your loan so that your payment is lower.
Posted on: 16th Mar, 2009 05:48 pm
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
Posted on: 16th Mar, 2009 07:47 pm
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
Posted on: 06th Jul, 2012 05:25 pm
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
Posted on: 09th Jul, 2012 01:21 am
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).
Posted on: 12th Jul, 2012 03:57 pm
Thanks for sharing this!! :)
Posted on: 12th Jul, 2012 10:59 pm
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
Posted on: 16th Aug, 2012 06:26 am
Posted on: 17th Aug, 2012 12:19 am
you can try to refinance to a 40yr fixed, an arm with a lower rate or an interest only loan.
Posted on: 11th Sep, 2012 07:42 am
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