How can I lower my new mortgage payment without refinancing? HELP!?

Question by John: How can I lower my new mortgage payment without refinancing? HELP!?
I just got a statement in the mail that my property taxes were short approx. $ 3,000 for the year AND my taxes went up so the company which holds my mortgage has raised my mortgage payment up $ 500 starting in Feb. 08 to cover the back due taxes as well as the new escrow amount…one option they are giving me is to pay the past due taxes and my mortgage will only go up $ 250 to cover the new amount needed for escrow…either way wether my new mortgage payment is $ 1880 or $ 1630, I am budgeted and used to paying $ 1380…any increase is going to affect my finances big time and I am afraid of losing my home, what do I do? I am going to pay the past due taxes with a credit card but still I will have that debt to pay just on a credit card. Is it possible for the lender to lower my interest rate without refinancing so my payment will be more affordable? I’m sure lenders dont want another forclosure..please give me some advice on what to do
Oh and I forgot to mention that I do not have equity in my home..I bought my home last year in 06 for a great price at the time..since then the builder who sold me my home is selling the same model for $ 40,000 less..

Best answer:

Answer by engineer50
If you’re going to have trouble making your new payment, contact your lender NOW to see if anytrhing can be work out. If you wait until you fall behind, it will be much more difficult.

Since you have no equity in your home, a refi will be difficult. You may in fact now owe more than the current market value.

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