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Long Story Short…..I currently own a home and am paying 2300.00 a month on my mortgage. My loan is 296,000 at 30 years, with 6% interest. I have never been late on my payment in 2 years. Our mortgage is not equivalent to more then 31% of our income. Basically we can afford it, but would like to get a smaller mortgage. I had another home that was a foreclosure and the current house is clearly not at good value to refinance. I got denied for the Obama stability plan. So…….the million dollar question::::: Is there a way to lower my monthly mortgage payment, without missing a payment? Are there any other plans out there?

5 Thoughts on Anyway to lower monthly mortgage?
  1. Reply
    Gaytheist Buddha
    February 4, 2014 at 3:42 pm

    Unfortunately, with that foreclosure, you are unlikely to get refinancing. The lender is unlikely to take a chance on you. But you will never know until you ask. Good luck!

  2. Reply
    Handsome Man
    February 4, 2014 at 4:12 pm

    ever try rent out ur basement or someplace in your home?

  3. Reply
    February 4, 2014 at 4:50 pm

    Usually the only way to change your monthly payment is to refinance. There are so many fees that go into refinancing, that a lot of times it’s just not worth it. You can ask your finance company about changing your payment plan or adjusting. That is probably your best option for now.

  4. Reply
    Janet P
    February 4, 2014 at 5:05 pm

    Even if you could refinance or modify you would not see a significant charge, as your interest rate is not that high. However, your foreclosure will prevent you from refinancing.

    Missing a payment would not help, it would only drive your costs up with late fees.

  5. Reply
    February 4, 2014 at 5:59 pm

    You have to contact some mortgage lenders or you can search online mortgage lenders who provide the best services you in your city or state.

    Good Luck…..!

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