Question by Navid H: Is it possible to somehow transfer my current mortgage to another house?
I need to move in about 6 months, this pharmacy but my current mortgage has a nice 5.1% rate. If I sell my current house and buy a new house, approved ed I’d be in the 7% range, shop which means I have to get a smaller house. Is there any options for me to keep this rate somehow? I know there are portable mortgages out there (etrade has one) that let you transfer your mortgage to another house, but I don’t have this kind of mortgage. Should I maybe keep this house and rent it out and just rent a place? Any other suggestions?
Best answer:
Answer by Treesy
Unfortunately, your mortgage is tied to that property. If the lien isn’t released (mortgage company won’t release their security if the loan isn’t paid off. It would go from a loan secured by a home to an unsecured loan… basically a glorified VISA card.), the people who buy the house will have a lien on their property for a loan they aren’t even responsible for. I would suggest talking to a Mortgage Loan officer to discuss your options. There is no charge to do this (if they try to charge you, go somewhere else.) I suggest asking credit unions if they do mortgages. They won’t try to scam you. If you can afford to keep the place as a rental, that might be a good idea.
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Question by John H: How can i lower my mortgage payments without refinancing?
I heard from a friend that Obama came up with a new plan, medical anyone know what that is? Whats the right way to go to lower my payments?
Best answer:
Answer by versantly
contact your mortgage lender for more info.
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Here some information for you :
– Document your financial hardships. To lower your mortgage payment without refinancing the home loan, the mortgage lender restructures the loan. However, not everyone qualifies for this provision. Before approving a request, lenders will review your financial situation and determine whether you qualify for help. Legitimate reasons include loss of employment, illness, injury, disability, etc. You’ll need to retain copies of all your financial statements (paycheck stubs, banking statements, bills, unemployment compensation).
– Take immediate action. Rather than wait until the situation gets out of hand, contact your mortgage company at the first sign of trouble. Lowering your mortgage payment without a refinance is a lengthy process, and it can take weeks to obtain an approval and finalize the paperwork.
– Ask for a loan modification. One type of loan restructure is the mortgage modification, in which lenders agree to reduce the interest rate or extend the loan term to lower the mortgage payment. You lender might suggest this provision. If not, request a loan modification.
– Submit a proposal. You can ask the lender to convert your interest-only or ARM into a fixed rate, or you can request a loan extension. In some instances, the lender may temporarily suspend payments for a specified time period.
– Negotiate with the mortgage lender. Lenders vary, and some may not agree to your proposal. Arrange a meeting with your mortgage lender and discuss your options.
Hope the information can usefully..
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Thank’s
Hello John,
To lower your mortgage payments, you must either refinance or modify.
You can check all the guidelines unde the Fed’s site at http://www.makinghomeaffordable.gov
This site has info about both programs under Obama. If you decide modification is best for you, then contact your lender. There is no need to use any of those “fee” services that advertise everywhere.
There isn’t a “new” plan out there right now. The plan has been available for months.
Good luck.
Good luck to you.
There are two programs that the federal government is offering with the goal of making home mortgages more affordable. One is a refinance program. To qualify for that program you cannot have been more than 30 days later on your mortgage payments during the last 12 months.
The second program — and this is the one I believe that you are curious about — is the federal home loan modification program. Your mortgage payment must be over 31 percent of your monthly pre-tax income. There are other requirements to qualify. To find out whether you are likely to qualify read the attached article.