• Question
  • How could get the necessary help in lowering the interest rate. and getting out of this comp

    Asked by a 80 year old from Ocala, FL on 1/16/2013

    In the late 2006 I took a mortgage with 1st Republic Bank in Long Island . In Jan. 2007 ,it was sold sold to GMC.Then about two months after sold again to Central Mortgage Company.
    Since b then this company have been making my life so stressful.
    The Interest rate is 6.875. monthly payment+ 998.53.

    I am paying the tax and Insurance .
    I have made several applications for the Loan Modification but they have been making every kind of excuses, finally they told me that I was not qualifiedfor it.

    More to be said on thes subject.

    Curnel Morley.

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  • Categories: Mortgage Refinancing, Housing

Answers

  • Editorial 

    Editorial 
    NewRetirement

    San Francisco, CA

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  • It has been widely reported that getting a loan modification can require extreme persistence and a lot of leg work.

    Have you tried refinancing your mortgage with another bank? If not, you can compare interest rates and find some potential options here:
    http://www.newretirement.com/Services/Mortgage_Refinancing_Calculator.aspx

    Perhaps you are not eligible for refinancing. If this is the case, then you might want to start by contacting the Department of Housing and Urban Development. This federal agency has a ton of resources to help homeowners like you.
    Get Started Here: http://portal.hud.gov/hudportal/HUD?src=/homeownerhelp

    You can also call them toll free to speak with an expert about your situation: 888 995 4673.

    We wish you all the best!
    http://www.NewRetirement.com

  • Login to rate this answer:   Answered on 1/20/2013
**All above answers are provided as general information only. No warranty is made regarding the fitness or accuracy of the information provided in this answer. You should seek advice from a licensed CPA, attorney or CERTIFIED FINANCIAL PLANNER™ as to your unique financial situation.