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Andrew Byrd, yes I have considered refinancing to 20 years, but the interest rate that If was offered is only 1 or 1 1/4 point below the interest rate I currently have. I guess it's because I don't' have that much equity. plus I will be adding the closing cost to the loan. That's why I was considering the modification. So, if I am not late on my payments I won't qualify for the modification? My credit is very good and I don't want to mess it up by being late. That's why I am looking for options before it's too late.
Sunnyview- I owe 20 years on my 30 year SONYMA loan. Bankruptcy is out of the question. I did take a loan from my 401k that I am still paying. Thank you for the attorney suggestion I will look into .
Thank you Andrew/ Sunnyview for your suggestions.
Maybe I should apply for the modification and if I don't qualify then try refinancing to 30 years. I don't really want to go that road, because I have 15 years to retire and I had hoped to have it paid off by the time I retire. or at the very least, nearly paid off.
First, if it is getting harder to make the payment but you are still continue to make it most banks will not allow you to do a modification until you are actually late on the payment. Have you considered looking into refinancing the property to lower the payment to a more feasable amount?If you want more information about refinancing feel free to reach out to me through my zillow profile.
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