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  #1  
Old 05-07-2013, 04:34 PM
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Default Homeowners: question for ya

So...as a few of you know or some, I'm having a hard time catching up on my bills. Slowly but finally getting caught up. Sometimes I hate having a mortgage...and takes up 85% of my income. My wife's income helps pay the other bills. So.....that said was wondering do I refi my house or request a lower monthly payment for "X" amount of time?
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Old 05-07-2013, 04:38 PM
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85% of your income is a lot. Personally I'd look into refinancing. Not a home owner but been around real estate my whole life.
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Old 05-07-2013, 04:41 PM
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how long have you been payin on it now cause you will be back at ground zero if you refi. sorry bout your hard times bro hang in there
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Old 05-07-2013, 04:53 PM
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Originally Posted by 209native View Post
how long have you been payin on it now cause you will be back at ground zero if you refi. sorry bout your hard times bro hang in there
I bought my house almost 3 years ago. Just did a refi earlier this year. I went from high 1,9XX.00 to really low 1,6xx.00. For me it was way worth it. Yes I know we are only talk about 300 bucks. But being able to save, or pay other thing with those 300 sure does help.
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Old 05-07-2013, 04:56 PM
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how long have you been payin on it now cause you will be back at ground zero if you refi. sorry bout your hard times bro hang in there
Yes I know. But at this time I'm not sure I have a choice at the moment and the mortgage wants all their money now. I say 85% because I work 40 hrs/wk with hardly any o/t at the moment...and it's a pretty much standard thing. I think 74% of peoples take home pay most of it goes towards the house payment. Something like that....don't recall where I read or saw it at. I'm paying a pretty high payment (1850) 1) because I bought my house in 2008, just before the financial crises meltdown, and 2) I did the 0% down payment thing, 30 Yr fixed rate...not ARM. Wished I had put money down but didn't. Don't think we'll stay here for 30 years. If this world survives that long. Forgot to add...once we get caught up, everything should be ok. Just a matter of catching up on everything. Not here to whine or complain....but to see about refi....prob could save myself a bunch, and mortgage insurance too.
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Last edited by Boomintahoe; 05-07-2013 at 04:59 PM.
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Old 05-07-2013, 05:01 PM
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Originally Posted by Boomintahoe View Post
Yes I know. But at this time I'm not sure I have a choice at the moment and the mortgage wants all their money now. I say 85% because I work 40 hrs/wk with hardly any o/t at the moment...and it's a pretty much standard thing. I think 74% of peoples take home pay most of it goes towards the house payment. Something like that....don't recall where I read or saw it at. I'm paying a pretty high payment (1850) 1) because I bought my house in 2008, just before the financial crises meltdown, and 2) I did the 0% down payment thing, 30 Yr fixed rate...not ARM. Wished I had put money down but didn't. Don't think we'll stay here for 30 years. If this world survives that long. Forgot to add...once we get caught up, everything should be ok. Just a matter of catching up on everything. Not here to whine or complain....but to see about refi....prob could save myself a bunch, and mortgage insurance too.

Before I did my refi they already had what my monthly payment was going to be. If its a number that you like do it, if now pass up on it.
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Old 05-07-2013, 05:07 PM
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I work for a mortgage company, What you can do is a loan modification it will be able to help lower interest, lower payments, give you forbearance options and or help sell property if you wanted to do that. Call your mortgage company and see what they can do. They may also offer a interest only payment option and then sometimes banks will offer a "repay plan" which will take your past due payments and tack them over a period of time, over your regular mortgage payment to bring the account current by the end of the period.
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Old 05-07-2013, 05:07 PM
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banks like to see a DTI or a debt-to-income ratio at or below 31% btw
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Old 05-07-2013, 05:09 PM
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ill give you an example of a repay option
Say you owe 1000 (to make math easy) they will spread out 1000 over a ten month period on your mortgage payment so that would make your payments 100 dollars higher each month but is designed to bring the account current after that period. Say your payments are 500 a month, they will now be 600 per month with the extra funds being put aside in a holding account
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Old 05-07-2013, 05:10 PM
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Quote:
Originally Posted by Rocken JBL View Post
I work for a mortgage company, What you can do is a loan modification it will be able to help lower interest, lower payments, give you forbearance options and or help sell property if you wanted to do that. Call your mortgage company and see what they can do. They may also offer a interest only payment option and then sometimes banks will offer a "repay plan" which will take your past due payments and tack them over a period of time, over your regular mortgage payment to bring the account current by the end of the period.
Thought I mentioned that but that's it. I think I would be better off doing a refi anyway...a temp loan modi wouldn't last as long as a refi would anyway. I wanna lower my payments first. Actaully, I gotta pay up 3 months first before I can do anything else. Called yesterday and tried to make a payment over the phone. I was surprised when she refused to take a payment because they want the 3 months combined to be able to catch up. Therefore, payment arrangements were demanded. Said I would call back later.
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Last edited by Boomintahoe; 05-07-2013 at 05:13 PM.
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