need to reduce my mortgage payments?
Will a lender allow you to do a loan modification to reduce mortgage payments if the property is being rented ,making income.If I paid my loan out for a longer peroid of time it would lower my payments. Every time I loose a renter I get behind again. .....help...
- 1 decade agoFavorite Answer
You can refinance rental property back to a 30 year note to lower your payments. However, if you have any late pays, this may be hard for you to do. Shop around different lenders and see who may be able to make you the best offer and be wary of predatory lending (those that prey on the uninformed).Source(s): mortgage lender
- boston857Lv 51 decade ago
Look!...If you need a longer amortization period or conversion to interest only product, then that is a sure way that the property is not worth the hassle. You need to:
1. Sell and be done with the mortgage...you just might break even in the current market.
2. Get long term tenants.
3. Convert to Section 8 housing, if possible.
Changing your loan product is a short term measure only and really, you should try and IMPROVE CASH FLOW before looking for an amort. beyond 20-30 years.
- 1 decade ago
you should be able to do a modification, but it all really depends on your bank. the mortgage modification mostly changes terms, not necessarily interest, which is what generally raises or lowers your monthly payments. you may be able to extend the term of your loan, but again, that all depends on your bank, and what your terms are now.
if your interest is high, i suggest you shop around for a lender than can beat it. but make sure refinancing is worth it. if your payoff is ridiculously high, or if you have a prepayment penalty, it might not be worth it.
get in contact with a loan officer where you bank. they should be able to go through with you all costs associated with said modification, and be able to give you a good faith estimate on how much your payments could change.Source(s): legal assistant for real estate attorneys
- VeganLv 71 decade ago
Yes, just refinance.
You'll have to look around as many lenders only deal with primary residences, but if you do some digging you should find a lender that will work with you.
- How do you think about the answers? You can sign in to vote the answer.
- ErikaLv 44 years ago
Are you already late on you cash? It is mindless to me even though it form of feels lender could artwork with you as quickly as you're close to foreclosures. i be responsive to its difficult! consult with the lender! 2 years isn't possibly a little while in the lenders international -possibly 6mo? How undesirable is the placement - what's your plan for restoration? Be arranged to respond to those questions and rigidity how plenty you adore this homestead and opt for to stay once you communicate to the lender. i be responsive to of somebody that attempted - "i pass returned to college and choose time without work" The lender became him down flat - yet somebody else became into tormented by utilising a typhoon and then lost their activity and then have been given right into a important vehicle twist of destiny - he asked me help with a refinance - fairly we contacted his lender and have been given a twelve months of deferred interest. His subject became into severe and that they nonetheless further the interest returned to his own loan. It helped him - yet no longer perpetually. It would not injury to invite! in the event that they say no what are your possibilities? possibly evaluate merchandising or refinancing to a decrease fee/term.
- tlbs101Lv 71 decade ago
Some lenders allow you to pay "interest only" payments, but you'd have to talk with one of their loan officers to make arrangements.
- 1 decade ago
You can always refinance for a longer mortgage.
- ruth4526Lv 71 decade ago
Go to the bank and ask if you can refinance. Most banks will let you do this.