Zillow Advice: Mortgage - financially strapped with a 2063 monthly mortgage payment. How can we reduce our monthly payments? http://www.zillow.com/advice-thread/financially-strapped-with-a-2063-monthly-mortgage-payment-How-can-we-reduce-our-monthly-payments/346737/ Zillow Advice | Zillow Real Estate What do you currently owe ... http://www.zillow.com/advice-thread/financially-strapped-with-a-2063-monthly-mortgage-payment-How-can-we-reduce-our-monthly-payments/346737/ What do you currently owe on the property, current loan amount? &nbsp;Do you know what your FICO scores are? Mon, 26 Apr 2010 13:22:00 GMT http://www.zillow.com/advice-thread/financially-strapped-with-a-2063-monthly-mortgage-payment-How-can-we-reduce-our-monthly-payments/346737/ 2010-04-26T13:22:00Z Interest rate is fixed at ... http://www.zillow.com/advice-thread/financially-strapped-with-a-2063-monthly-mortgage-payment-How-can-we-reduce-our-monthly-payments/346737/ Interest rate is fixed at 6.125. My wife and I are both forced to work as much overtime as possible. Things have been slow at my work so my income has decreased a little bit. Not alot of time to spend with our two small children and our relationship is showing signs of fatigue. Not to mention that repairs that were made to house after the home inspection have begun to fail. i.e.(roof, black mold in bath) Thanks for your time. Sun, 25 Apr 2010 04:59:00 GMT http://www.zillow.com/advice-thread/financially-strapped-with-a-2063-monthly-mortgage-payment-How-can-we-reduce-our-monthly-payments/346737/ 2010-04-25T04:59:00Z How has your financial picture ... http://www.zillow.com/advice-thread/financially-strapped-with-a-2063-monthly-mortgage-payment-How-can-we-reduce-our-monthly-payments/346737/ How has your financial picture changed since the time of purchase?<br/><br/>What is your loan to value?<br/><br/>What is your credit score?<br/><br/>If you're in a good position, you might be able to refi. &nbsp;You're best bet is to talk to your bank about modifying your loan. &nbsp;If that doesn't work I'd suggest you contact a Mortgage Broker licensed to do business in CA to see if you're able to refinance into a lower interest rate or maybe an interest only program. Fri, 23 Apr 2010 16:14:00 GMT http://www.zillow.com/advice-thread/financially-strapped-with-a-2063-monthly-mortgage-payment-How-can-we-reduce-our-monthly-payments/346737/ 2010-04-23T16:14:00Z If the loan modification ... http://www.zillow.com/advice-thread/financially-strapped-with-a-2063-monthly-mortgage-payment-How-can-we-reduce-our-monthly-payments/346737/ If the loan modification doesn't work out, then a short sale or deed in lieu of foreclosure may be the best options. Fri, 23 Apr 2010 03:15:00 GMT http://www.zillow.com/advice-thread/financially-strapped-with-a-2063-monthly-mortgage-payment-How-can-we-reduce-our-monthly-payments/346737/ 2010-04-23T03:15:00Z Speak to your bank asap and ... http://www.zillow.com/advice-thread/financially-strapped-with-a-2063-monthly-mortgage-payment-How-can-we-reduce-our-monthly-payments/346737/ Speak to your bank asap and see if you qualify for a loan modification.&nbsp; They will require you to prove hardhip as to why you can't afford the payments.&nbsp; Has your interest rate gone up?&nbsp; Has your income decreased?<br/><br/>Naima Fri, 23 Apr 2010 01:52:00 GMT http://www.zillow.com/advice-thread/financially-strapped-with-a-2063-monthly-mortgage-payment-How-can-we-reduce-our-monthly-payments/346737/ 2010-04-23T01:52:00Z