Financing in 01109>Question Details

Stacey, Other/Just Looking in 01109

I need to lower my mortgage payments and need some advice on how and where to start. I'm trying desperately to hold onto my home.

Asked by Stacey, 01109 Fri Sep 10, 2010

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Unfortunately you like me are at their mercy. We pay our mortgage and bills. The only time your present bank will help you is if you don't pay them or give them all the paper work they will ask you for to show them that you are broke, which will take months.

Best bet is to refi with them or another lender, but most likely your upside down and your income may not meet their lending guidelines.

There is no fairness to those of us that pay and are border line for the new tougher lending requirements. Isn't unbelievable that the banks will tell you when you go to reduce your payments that you don't qualify for the amount your looking for. Just keep paying with those higher rates. Sort of an oxymorron.
0 votes Thank Flag Link Sun Oct 24, 2010
Stacey:

When you contact your lender ask them if they have access to the HARP refi which allows banks to refi people with less than 20% equity and not have to pay MI. All the best.
0 votes Thank Flag Link Thu Sep 16, 2010
Start with contacting your current lender for a loan modification
0 votes Thank Flag Link Mon Sep 13, 2010
Agree with some other answers talk to your current mortgage holder first. Then speak to some local banks or mortgage officers, I would not suggest the big ones, like BOA, etc because their response time is not good. I use a great loan officer: Doug Lowe Wells Fargo out of Attleboro. Doesn't matter where you live.
0 votes Thank Flag Link Mon Sep 13, 2010
Speak with your lender and ask about a loan modification. The sooner you do this the more options you'll have. Good Luck!
0 votes Thank Flag Link Sun Sep 12, 2010
Stacy,
Immediately contact the lender your mortgage is being serviced by. If your credit is still good they may offer a streamline refinance with little to no cost to you (usually big box banks like Wells Fargo have these types of programs). If you go down the road of a loan modification your in for a long haul and frustrating wait.

When it comes to your home, I realize this becomes very personal and seems like it's the last thing you want to lose. Consider some hard thinking about what life would look like without the tremendous stress of holding on to your home versus selling. You have options, some last resort options but realize you will do just fine if you need to get rid of it.
0 votes Thank Flag Link Fri Sep 10, 2010
Dear Stacey,

Your best first step would be to contact your current lender to see if you qualify for any of the HAMP mortgage relief programs. You can learn more about the programs and the qualifications here: http://makinghomeaffordable.gov/eligibility.html

If your current lender won't help you or you don't qualify for the mortgage relief programs then you might consider a complete refinance if your situation allows and you can do that with your current lender or any other lender for that matter.

If you are in Western MA, I'd be happy to refer you to some local lenders in our area who might be of assistance.

I wish you the best!

Kind regards,

Julianne Krutka
Park Square Realty - Westfield MA
Western MA and Northern CT REALTOR®
Office: 413-568-9226
Cell: 413-297-6718
Fax: 413-263-3536
Email: Julianne.Krutka@gmail.com
Website: http://www.JulianneKrutka.com
Find me on Facebook: http://www.facebook.com/JulianneThibodeauKrutka
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Connect with me on Linkedin: http://www.linkedin.com/in/JulianneKrutkaRealEstate

A wise person once said..the only stupid question is the one you don't ask! I am never to busy to answer your questions about Real Estate...ask away!
0 votes Thank Flag Link Fri Sep 10, 2010
You havent said if you missed payments or not. A straight refinance if you qualify would be the easiest. If not a loan modification is your second choice. If you have any questions call at 978-360-0422.
0 votes Thank Flag Link Fri Sep 10, 2010
Please call me. I want to help. Our office is right on Boston Rd right near you and I can help you get a loan modification. If you can't afford your home there are other options your need to take care of quickly before it too late.
call me 413-279-9052
0 votes Thank Flag Link Fri Sep 10, 2010
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