Refinancing house mortgage loan?

Question by Polly: Refinancing house mortgage loan?
I just mentioned my problem in my previous question – We bought house & have unfortunately lost our jobs and are now working on to see how we can cope up with our monthly mortgage payment. My question is : In case if we inform the company that we have lost our job and if they can help us to negotiage on interest rate or extend loan repayment time to make our monthly liability lesser…Do you guys know if this can help?
Some friends and elders have asked us ‘STRICTLY NOT TO LET the mortgage company know that we have lost jobs. This will put our creditiblity in question.
I need advise from someone who has either faced this problem before or if he is working for such company. Your advise is very valuable for me. Please guide me rightly my Yahoo! friends!
Thanks in Advance

Best answer:

Answer by GEE-GEE
Did you get the insurance that was offered to you in case anything happened? You know the insurance that pays your monthly payments in case you lost your jobs?
If not, than I would definitely call the bank and tell them. They are more likely willing to work with you if you are honest with them. You dont want them to start calling you because you are late etc. I have been in the mortgage biz for over 16 years and I can tell you that the last thing they want to do is take your house away. Most homes dont have enoug equity for them to make their money back anyways. It costs a lot of money and manpower for a bank to foreclose a home.

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