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Can we refinance at a lower rate and reduce our payments?
February 27, 2007
Tennessee foreclosure
This is an actual comment for a client:
”We would like to keep our home, but can not meet our mortgage payment at the current rate. Can we refinance at a lower, fixed rate and reduce our monthly payment and defer back payments to end of loan?
To get the payments to at the end of the loan would be what's called a loan modification. Sometimes in a loan modification we can actually redo the loan and get to a fixed rate. I can't guarantee we can do this in every situation but we have successful at getting this done.
Comments
I applied for a loan modifications and havent heard anything yet. This is getting very serious for us, and need this ,matter resolved soon. I am at work and do not have my loan # with me. Can you please look me up by my name and email me some news. Other companies are re-instating peoples loans to their original amount before it adjusted. This is a good idea. It would save people from losing their homes. To you I know it is just a piece of property, but to us the homeowners, it is a place to keep our kids safe and warm. Paying for that luxury is not a problem. It's the getting "taken of advantage of" that really hurts. I think these shady brokers that talked people into these subprime loans should somehow be held accountable. But you can help to right a wrong, like other companies have done.
we have a 2nd mortgage on an investment property with sps servicing. we want to negotiate a lesser amount and payoff the balance. Otherwise, we will say we are no longer paying and they will be stiffed in a short sale. any suggestions?
I bought my home 6 yes ago. Have 2 loans 80-20
It was with First Franklin. They are in a class action
suit. Since October my loans were sent to Bank of America and Select Portfolio. I'm wondering why they were separated. I was hoping to combine both of them together but on the transfer of lender I was told I have a five year are on one of the loans. Which is this November. What happens to my loan this November. Have not been able to het an answer from the lenders. They state they are still waiting for all the paper work from First Franklin.
Having thought I knew what I signed it was slipped in to my loan application. Upset home owner. Any advice.
It was with First Franklin. They are in a class action
suit. Since October my loans were sent to Bank of America and Select Portfolio. I'm wondering why they were separated. I was hoping to combine both of them together but on the transfer of lender I was told I have a five year are on one of the loans. Which is this November. What happens to my loan this November. Have not been able to het an answer from the lenders. They state they are still waiting for all the paper work from First Franklin.
Having thought I knew what I signed it was slipped in to my loan application. Upset home owner. Any advice.