Posted on: 17th Jul, 2009 04:45 am
Hi, I am 62 years old and have a $87,000 mortgage. Payment is 728.00 including taxes and insurance...My question is I don't qualify for a reverse mortgage because there isn't enough equity in my home. I am drawing unemployment and am really having a hard time finding a job. I think my age is against me. I haven't missed any payments but this month my payment is late. Any ideas on what I can do? My interest rate is 7 percent and I can't get a loan because of the job situation. Is there any kind of help out there for me? Thanks
Don't you think the interest rate is too high? May be loan modification is your better option?
I tried modification and my mortgage company told me I didn't qualify because I wasn't behind in my paymemts. I can't lower my interest because I am unemployed and can't get a loan.
Hi virginia
It's true that most of the lenders won't accept a loan modification if you are not delinquent on your mortgage payments. However, I would suggest you to negotiate with your lender and convince him for a modification.
Thanks.
It's true that most of the lenders won't accept a loan modification if you are not delinquent on your mortgage payments. However, I would suggest you to negotiate with your lender and convince him for a modification.
Thanks.
sorry for you.
but your interest rate is very high try to negotiaite with the lender show ur unemployement and that you are unable to pay this time and apply for loan modification.
but your interest rate is very high try to negotiaite with the lender show ur unemployement and that you are unable to pay this time and apply for loan modification.