I am one of many who lost there job and or spouse that has or both. In my case my wife lost hers and living in a two income state of California my first question to myself was “how do we pay the Mortgage?”. After running the numbers, we are able to stay afloat on my income and my wife’s unemployment but there’s a catch. Our mortgage interest rate will have to go from 7% down to 4%. Does anyone know what the process is for asking for a lower interest rate?
1. Do I default now on the mortgage?
2. Do I give the mortgage company a couple hundred dollars showing that I am trying to pay back by debt?
3. Do I call the mortgage company and ask for 4% since that’s what I can afford? (before defaulting or after defaulting?)