Question by John H: How can i lower my mortgage payments without refinancing?
I’ve heard from a friend that Obama came up with a new plan, anyone know what that is or about? Whats the right way to go to lower my payments without having to refinance? Thanks
Answer by Gorkbark Porkduke Gefunken Fubar
No, there is no way to lower your payments without refinancing. Obama came up with nothing, absolutely nothing. If you want to lower your payments you must refinance. This idea of loan modification will not work unless you have proven to the bank that you cannot pay because you are on the brink of foreclosure. If you have been making your payments on time the bank will simply tell you to stick it. They will only change the terms of loans that look like they will go belly up, so unless you are months behind on payments and threatened with foreclosure, forget about it.
It’s not all happy “La la la” let’s get the bank to cut our payments in half. Doesn’t work that way. Banks are out to screw you, not to give you a break.
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