By Admin on Jun 28, 2009 in Personal Finance
www.TheMovieMonster.com asked:
I dont know where to turn to now, my rate has gone up and i can barely make my house payment. With no equity, is there help out there? I hear the government is stepping in to assist, but when and where? i have not been late once.
I forgot to mention my current Lendor FIRST FRANKIN is not willing to help =(
I dont know where to turn to now, my rate has gone up and i can barely make my house payment. With no equity, is there help out there? I hear the government is stepping in to assist, but when and where? i have not been late once.
I forgot to mention my current Lendor FIRST FRANKIN is not willing to help =(
call your lender, they can possibly modify your loan and keep your rate fixed or put you on a payment plan for any late payments.
When you call, ask why your payment went up when the prime interest rate is in the 4% range, ask them if they can make an adjustment to the loan to lower those payments.
ask ask ask and goodluck.
BeBeauti | Jun 30, 2009 | Reply
Check the link below. I also know that several banking establishments are trying to help stop foreclosures. Check you local State of ________ home page. There is usually a link on there also.
TERESA P | Jul 1, 2009 | Reply
Depending on the agreement you executed with your financial institute, there might be a possibility that you can ‘convert’ the ARM loan into a fixed lower rate for a certain fee.
I had a ARM (with the 4 payment options) and converted it to a fixed (lower) rate without re-financing with a 2 payment option. I had to pay the fee.
I suggest you speak with your bank/financial institution and also contact your state official to see what kind of home-owner’s assistance they provide.
I just saw your note… do mention that your bank is not willing to help when speaking with state officials and let your bank know this.
Good luck.
Imagine4ever | Jul 2, 2009 | Reply