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what can i do to bring my mortgage down?

My father owns a house in Stamford Ct his monthly payment are $5000 a month he has two loans but the rates are to high one is for 7 and the other for 11 how can we make it into a single rate and bringing the monthly payment down can some help or give us any suggestion 

 thank you very much
  • February 13 2010 - West Side
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Answers (4)

if your father qualifies for the loans he can refinance the two loans into one. My gut tells me he may not be able to qualify or he would not have taken  those rates  in the beginning. If that is the case have him contact his lender and see if they can do any kind of modification of his loans. Right now the last thing a lender wants is another default. Good luck!
  • February 15 2010
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Without knowing all the details, you might try the kitchen sink approach (consult with a professional about all of the options below and see which of them are available to you):

Plan A - a straight refinance at a lower rate. It is possible that you'll need some cash for closing costs or to bring some equity into the transaction
Plan B - see if your father is eligible for the making home affordable refinance plan
Plan C - if there has been a financial hardship your father may be eligible for some type of workout arrangement with the lender, especially if it is a primary residence and if certain income and other restrictions are met.
Plan D, E, F and so on - There are other options as well.

Be sure to choose an experienced mortgage lender who will explain all of these options to you carefully so you can decide what is right for you. It will likely be necessary to speak with an attorney and a tax professional to learn about the possible consequences of any of the above options as well.

Good luck to you.
  • February 13 2010
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Is your father 62 yrs. old or older?  If so a reverse mortgage might be an option.... no monthly payment until he permanently moves from the property.
  • February 13 2010
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What are the balances of both loans and what is the estimated value of the home?
  • February 13 2010
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