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Unaffordable mortgage payments, need help

I cannot afford my monthly payments anymore, I have a 300,000 mortgage with 280,000 left on it. The house was worth 350k when I bought it, now worth 245k. I know I can't refinance because of LTV limits, but what am I able to do? Is there any way for me to reduce my loan payments? by john.s_892_665 from Birmingham, Alabama. Nov 18th 2011 Reply


Marcus Buchanan (mbuchanan)
#313 ranked lender in California - 28 contributions

Greetings John, check to see if your property is a Fannie Mae www.fanniemae.com/loanlookup/ or Freddie Mac www.freddiemac.com/corporate/. If your property is owned by either one of these than you have some options. Please contact me at mbuchanan@paramountequity.com and i will assist you further with this and get you some options and best of all answers as to what you can do.

Nov 18th 2011
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Tommy Peoples (TommyPeoples)
#8 ranked lender in Alabama - 19 contributions

There are programs available for homeowners in your situation. I would be more than happy to help you with this. Please give me a call at 877-634-2390. Tommy Peoples, Branch Manager, Southwest Funding, Daphne, AL.

Nov 18th 2011
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William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,728 contributions

You have options.. the current HARP 2.0 program can help you finance into a new 30 year fixed rate mortgage at today's lower interest rates.. you wont be able to use this program until Feb. 1st. 2012, but it's available. I'm not sure how much you need to save per month, but refinancing can save you money... as far as a flat out loan mod.. be careful. Most are scams... Try going to MakingHomeAffordable.gov... this is the governments website for assistance. WilliamAcres.com

Nov 18th 2011
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