Comments on: Can I Reduce My Mortgage if I’m Out of Work? http://wealthpilgrim.com/reduce-my-mortgage/ WealthPilgrim.com -No Money Worries. No Matter What. Wed, 23 May 2012 02:40:46 +0000 hourly 1 http://wordpress.org/?v=3.3.2 By: Peter http://wealthpilgrim.com/reduce-my-mortgage/#comment-4597 Peter Thu, 22 Apr 2010 19:28:08 +0000 http://wealthpilgrim.com/?p=14103#comment-4597 I don't think it impacted our credit at all really. Although a refinance under the program versus getting a modification will probably have different credit score ramifications I don’t think it impacted our credit at all really. Although a refinance under the program versus getting a modification will probably have different credit score ramifications

]]> By: Nunzio Bruno http://wealthpilgrim.com/reduce-my-mortgage/#comment-4599 Nunzio Bruno Thu, 22 Apr 2010 18:46:45 +0000 http://wealthpilgrim.com/?p=14103#comment-4599 That is some great digging Neal! Those are some great programs that people don't really hear about until they are too behind to qualify for them. Way to bring it to the forefront and out line them the way you did. That is some great digging Neal! Those are some great programs that people don’t really hear about until they are too behind to qualify for them. Way to bring it to the forefront and out line them the way you did.

]]> By: financialwizardess http://wealthpilgrim.com/reduce-my-mortgage/#comment-4593 financialwizardess Thu, 22 Apr 2010 18:39:32 +0000 http://wealthpilgrim.com/?p=14103#comment-4593 I'd like to share what we did to lower our mortgage payments... Unfortunately this won't apply to your friend, but it may help others who would like to safeguard themselves from this situation. We had faithfully prepaid our mortgage by making almost double payments over several years (some years more some years less depending on our childcare costs). When we finally decided to stop prepaying the mortgage, we were 80k ahead of where we would have been had we made normal payments. We have a fixed rate 30 year mortgage. . What we were able to do is called a "recast" where they take the existing owed and reamortize it for the remaining term. So if you now owe 100K for a remaining 20 years, they will respread that out and lower your payment significantly. We reduced our mortgage payment by 70% by doing this and removing escrow. Basically for every $1000 we used to pay, we now pay $300!!! Also, removing the escrow is important because uncle sam won't reposses your property, he'll only place a lien. Not a good situation to be in either way, but at least there's still a roof over your head. . We paid $250 for the recast to be done. I’d like to share what we did to lower our mortgage payments… Unfortunately this won’t apply to your friend, but it may help others who would like to safeguard themselves from this situation. We had faithfully prepaid our mortgage by making almost double payments over several years (some years more some years less depending on our childcare costs). When we finally decided to stop prepaying the mortgage, we were 80k ahead of where we would have been had we made normal payments. We have a fixed rate 30 year mortgage.
.
What we were able to do is called a “recast” where they take the existing owed and reamortize it for the remaining term. So if you now owe 100K for a remaining 20 years, they will respread that out and lower your payment significantly. We reduced our mortgage payment by 70% by doing this and removing escrow. Basically for every $1000 we used to pay, we now pay $300!!! Also, removing the escrow is important because uncle sam won’t reposses your property, he’ll only place a lien. Not a good situation to be in either way, but at least there’s still a roof over your head.
.
We paid $250 for the recast to be done.

]]> By: Neal@Wealth Pilgrim http://wealthpilgrim.com/reduce-my-mortgage/#comment-4596 Neal@Wealth Pilgrim Thu, 22 Apr 2010 17:49:04 +0000 http://wealthpilgrim.com/?p=14103#comment-4596 Peter,,,, How did the refi under HARP impact your credit score? Peter,,,,

How did the refi under HARP impact your credit score?

]]> By: Neal@Wealth Pilgrim http://wealthpilgrim.com/reduce-my-mortgage/#comment-4595 Neal@Wealth Pilgrim Thu, 22 Apr 2010 17:48:34 +0000 http://wealthpilgrim.com/?p=14103#comment-4595 Sounds good. Do all banks offer this? Also, I imagine it didn't impact your credit...am I right? Sounds good. Do all banks offer this? Also, I imagine it didn’t impact your credit…am I right?

]]>