By Admin on Jun 27, 2008 in Elections
Sambo asked:
I have a high interest rate mortgage, but I am current on it. I owe about 90% of the value. Since the gov’t is offering a mortgage refinance plan to lower the rates, maybe I should not make payments for 90 days?
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I have a high interest rate mortgage, but I am current on it. I owe about 90% of the value. Since the gov’t is offering a mortgage refinance plan to lower the rates, maybe I should not make payments for 90 days?
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I wouldn’t advise it. It will really damage your credit score. If you can afford to pay it, keep paying it. If an offer comes along to refinance, then refinance for a cheaper %.
???? 2??8 | Jun 29, 2008 | Reply
Good idea. Go for it. And if it’s a nice house, drop me a line so I can bid on it when the bank auctions it off..
everybody's got one | Jul 1, 2008 | Reply
It is always best to protect your credit rating. People who get more than a month or so behind on their mortgage rarely if ever recover.
Why not try negotiating a better rate with your current mortgage company?
racedowling | Jul 4, 2008 | Reply
You are going to have to check & see and you don’t have some kind of penalty on that OR down the line some kind of ARM that will reach out and knock the hell out of you.
just me | Jul 5, 2008 | Reply
You’re on the right track Einstein…. Nah, you don’t want to refinance ; rather, just go at least 4 or 5 months without making any payment. Ya have to be adamant about this too ; don’t back down..
H S | Jul 6, 2008 | Reply