home loan modifcation question?
How easy is it to get your lender to modify your mortgage? My interest rate resets next month and the monthly payments will increase. I bought this house as my primary residence but then I moved out and made it a rental home. I rent it for $ 1245 a month. The mortgage is currently $ 1405 (i pay the difference…I could not get it rented for higher). The mortgage will go up to about $ 1650 in September. I can’t afford such a big increase now because of changes in my financial status. I do not want to lose the house and I do not want the people who live there to have to move out. They are good people. They are disabled. They pay their rent every month. Do you think my mortgage lender will work with me? I can’t refinance it because I have too much on my credit now. Any suggestions?
I can’t sell the rental because my house is now worth less then my loan. I will be lucky if I can get $ 160,000 for the house and I owe almost $ 175,000. I don’t know where I would get the extra $ 15k.