I am in deep dispair now having lost the bill payer and my significant other please show me how I can get back on my feet and be able to afford to stay in my house. pattie.
I really dont know what is your current situation with regards to your term, rate, and the value of your house.But if you are going in to the foreclosure process, any lender that will be able to bail you out of the foreclosure is going to charge you a higher interest rate and less attractive terms. That is only on the assumption that there is a lender that will to do your refinance.
In most cases a lender will not bail you out of a foreclosure if the new mortgage amount is more than 65% of the value of the house and if you can not show them that your current income is enough to support the new loan.
So if you can not refinance, my suggestion is you can sell the house for a profit and rent or buy another property that is less expensive.
How do I stop forcloser of my property and reduce payment on morgage?
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get governmental help is the best way. If you can not make enough to pay for the house you need their help. How did you losed the bill payer to death or cause hes gone. Either way there is a governmental agency to help you
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Contact the lender immediately and talk to them about your situation.
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you may want to try and re-finance or ask for assistance from the mortgage company.There is always bankruptcy. Good luck to you, we are in the same boat!!
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I really dont know what is your current situation with regards to your term, rate, and the value of your house.But if you are going in to the foreclosure process, any lender that will be able to bail you out of the foreclosure is going to charge you a higher interest rate and less attractive terms. That is only on the assumption that there is a lender that will to do your refinance.
In most cases a lender will not bail you out of a foreclosure if the new mortgage amount is more than 65% of the value of the house and if you can not show them that your current income is enough to support the new loan.
So if you can not refinance, my suggestion is you can sell the house for a profit and rent or buy another property that is less expensive.
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The last thing a lender wants to do now is to foreclose. There are so many foreclosures that they do not want the house and they do not want to take the time to process the foreclosure.
Call them and negotiate a lower price on the mortgage rate. If they are not A holes they will negotiate a price that you can afford.
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