Posted on: 23rd Jul, 2009 10:13 pm
My loan amount keeps increasing because I'm only paying minimum payment. I would like to be in a loan where I'm paying a full amount that is affordable to my income. Will my lender agree to changing the terms so that I'm not seeing an increase on my loan each month. It is an adjustable loan, but my mortgage payment can increase soon to double what I'm paying now. Can I stop this before it happens and I go into foreclosure?
Hi realreality
In my opinion, it would be better if you could check out the option of loan modification with your lender. In this case, your payments can be lowered as the lender would lower your interest rate. However, the term of the loan would be increased.
Thanks.
In my opinion, it would be better if you could check out the option of loan modification with your lender. In this case, your payments can be lowered as the lender would lower your interest rate. However, the term of the loan would be increased.
Thanks.
if you are paying only minimum amount definetly your loan amout goes on increasing.
try to pay full installments, if not contact to company for increasing term but you interest rates would be increased
try to pay full installments, if not contact to company for increasing term but you interest rates would be increased