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Old 04-22-09, 11:35 AM
DanieH's Avatar
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Angry Hardship Assistance

We applied for this w/ our mortgage company b/c we're struggling. We applied for it online and was told we qualify. DH was hoping to lower our interest rate since were around 7%. Someone finally called us back, about 5-6 wks later, and told us the only thing they can do is to cut our payment in half for 6 months, but have to pay the difference when the 6 month is up. How is this helping us?! We're beyond frustrated right now! I guess we're eligible to refiance again, but when is enough, enough? We refiance at least twice now and it keeps going back to a 30 yr mortgage. At this rate, we will never have our house paid off. DH knows he seriously needs to find another job! Working w/ his dad as asst. maintence is NOT helping w/ the bills. I make darn good money and Im tired of having no money each week. :angry:
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Old 04-22-09, 11:38 AM
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We sent our paperwork in today to refinance. It finally hit 4.5% which made it worth our effort. Our rate was only at 6% to begin with. If you can go from 7 to 4.5 that would be a BIG savings.
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Thank you savannah33!
DanieH (04-22-09)
 
Old 04-22-09, 11:43 AM
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We recently refinanced into a 15-year at 4.5%. If you can knock your interest rate down from 7 to even 5%, you'll see a signficant savings in your 30-year term. Then, when things are looking better for you financially, you can refi into a 15-year (rates are better for shorter terms).


 
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Thank you Dopey406!
DanieH (04-22-09)
 
Old 04-22-09, 11:47 AM
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You don't even have to refinance to a new loan just add to the principal when you have the extra money therefore knocking years off the life of the loan. We had already done that with our 30 year in 3 years we'd got it down to almost a 20 year loan. Now we're refinancing for a 20 year loan at a reduced rate. We will still add extra to the principal when we have it so it'll be a shorter loan.
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Thank you savannah33!
DanieH (04-22-09)
 
Old 04-22-09, 12:14 PM
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I'm so sorry. that is so frustrating. If your struggling do they think things will magically be fixed in 6 months so you can start paying MORE than you were having trouble already paying???

I have no help to offer, but hope that refinancing helps if that is the route you decide to go with.
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Thank you Patience!
DanieH (04-22-09)
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