Posted on: 13th Aug, 2009 10:12 am
We have been trying to lower our mortgage payments with Aurora since January of this year. All they tell us is they can't do anything. Help! Our income has stopped until the end of Sept. and we are not able to make payments for the next 2 or 3 months. Also, the current interest rate is higher than we can afford at 6.875%.
if you haven't defaulted on your mortgage payments, then you will be able to refinance your loan at a lower interest rate. if you've already defaulted on your mortgage payments, then a loan modification can be a better option for you. however, you should note that whether you apply for loan modification or a refinance, the lender will check your employment history. if you are unemployed right now, none of these options will be available for you.
As suggested by Niicss, refinance is option for lowering interest rate.
I would contact a loan modification company to see if you can get the loan modified...if your income is seasonal and you have not been delinquent, I would try another lender fast...if you are just unemployed or become delinquent, I would go for a modification.
I personally do not do modifications, I would advise that you find a company that is not going to charge an up-front fee and someone who is local!
Good Luck
I personally do not do modifications, I would advise that you find a company that is not going to charge an up-front fee and someone who is local!
Good Luck
marron
Welcoem to the forum
You would be better off workign with yoru bank than workign with third party compnies who carge 2 to 3K to get the modification done.
You need to be patienet and persistant
Good luck and feel free to ask
Welcoem to the forum
You would be better off workign with yoru bank than workign with third party compnies who carge 2 to 3K to get the modification done.
You need to be patienet and persistant
Good luck and feel free to ask