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Lizzy | Is it possible that a mortgage company will lower your interest rate because u will lose ur house otherwise? |
My debt to income ratio is too high right so I cannot refinance my home for a lower rate. I have a 9.99% and I cannot afford payments anymore. Has anyone had their mortgage co. lower their interest rate without refinancing so they can keep their home instead of foreclosure? |
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connemara
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No, this is usually not possible without refinancing. If it were, everyone and his brother would be asking for a lower interest rate WITHOUT the cost and time of refinancing. You might ask them but it depends on the state you are in and also many other factors, such as how much equity you currently have in the home. If you have a high debt ratio then you really need to bring that down and get your debt under control. If you can no longer afford your home, you would be wise to place it on the market now and hope you can sell it soon. Better that than foreclosure. BTW: Lady Linda is totally in the dark. A mortgage company is not OUT TO FORECLOSE because they are vultures. When they foreclose, it costs THEM money and they have to take your property and resell it. And yes, they will eventually make money but foreclosure is NOT their main aim, trust me. However, it would be ILLEGAL for them to give you a lower rate (without refinancing) just because you are in dire straights. |
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muaythaigreat
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yep |
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sangrealatlogres
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The best thing to do is cut your expenses and continue make your mortgage payments. It may mean that you have to give up cable, cell phone, maybe turn in the car when the first lease is up and buy an old used one.
If it's any consolation, we have all done this. It's hard not to do. But you can get books at the Library which will show you how to cut costs to the bone until you get some of your other debts paid off.
But the first thing to do is cut up the credit cards and use cash. It makes you take into account everything you buy.
We did the same thing and after a year and a half, things were under control again. If you have credit card debt the thing to do is to get a loan so you make only one payment and don't buy anything with a credit card until the debt is paid off.
There is a good book written in th 1930's by a man who was in financial trouble and teaches financial management through stories. It's a classic, but his precepts are still good. It's called, "The Richest Man in Babylon."
You can talk to the bank and have the term of the mortgage extended but in the end it won't change anything. |
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mortgageguy
 |
It really depends on the lender. Most of the times, no.
However, if you had a bankruptcy and included your home you may be able to get them to lower the rate.
Sometimes they'll lower the rate if you are near foreclosure also because the last thing any lender wants is to foreclose on your home.
Most lenders recover only 65-80% of the original value of the property because of all the interest not paid and legal costs plus the homes are generally trashed when they take possession.
As far as tacking your payment onto the end of the loan: I would avoid this because they may report you late or show that you are in forebearance which lowers your credit score quite a bit. |
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satarnag
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I deal with foreclosures on a daily basis and yes it's possible. They will work with you so that you don't foreclose. Also, you might go stated so that you can tweak the income to offsetthe DTI.
Regards |
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Susan B
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I've not heard of a mortgage company doing this. However if you have always been on time with your payments, you can request they take the next month's payment and add it to the end of the loan. This allows you to skip one payment. Which might buy you time to figure out what to do . In the mean time, you might want to take in a roommate to help with expenses or get a second job to bring in more income to change your debt to income ratio. If you live in an area that is still seeing a rise in housing prices, it would be worth considering to get an interest only loan. This would considerable lower your payments. The disadvantage is that if your house doesn't increase in value, you end up owing more on your house when you sell it than you get for it in the sale. I'd call additional mortgage companies to see what you can do. It certainly doesn't hurt to talk with the mortgage company about lowering your rate. If you have been on time for payments for 24 consecutive months, they should be willing to consider lowering your rate through a refinance... I know I've done that with credit cards. Another consideration, but not a necessarily wise idea, is to use one of those credit cards with a 0% interest rate for one year, to pay off some other debt (credit card, car payment or something) and use the money you save on that payment to help make your house payments. You may have to get creative, but it can be done. You can also sell some furniture or clothing etc. to bring in a little for a month or two until you can get your ducks lined up. Best of luck to you. |
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letsget_dangerous
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not likely...think about it, why would they charge you less so they make less just to be a nice guy..common.
But you may be able to get your payments reduced if you refinance and take a longer amertization. Not really a good thing to do but if this will keep you from loosing your home, is a lesser of two evils.
Some sound advise for you, sounds more like the problem is you bought more than you can afford. Probably the best thing for you is to sell and purchace something more within your means.
Wonderring who you financed with they should have been able to see you were over financed. Or have you just occurred more debt elsewhere. That is credit cards furnature payments or other.
Good luck...Lets. |
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♥..It's Me..♥
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never heard of this, call your mortgage co. |
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~♥LadyLinda♥~
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No they will always choose to foreclose the vultures are out for themselves! |
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tain
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Sell your house and buy a smaller one. This will avoid foreclosure. |
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