Anybody tried to modify mortgage payment?
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brigham
Apprentice
Joined: 22 Mar 2007
Posts: 4
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 Posted: 09/15/08 - 04:31 Post subject: |
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| I have taken a mortgage some time ago and it did not turn out as well as I have thought. I would like to know is there anybody who has tried to modify mortgage payment. I have heard it is a better option, but I am not too sure. If anyone could help me, that would be great. Thanks in advance. |
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nikos
Apprentice
Joined: 13 Aug 2004
Posts: 6
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| Posted: 10/15/08 - 03:56 Post subject: |
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| Mortgage is a loan you are given in order to buy the house. There is a possibility of it being taken from you if you are not fulfilling your obligations. In these cases, modifying payments is in line. You can try agreeing for a different rates, but that usually can happen if you have flexible mortgage. Mortgage holiday is also a temporary option. However, there are situations where you are not able to do any of these. That said, second mortgage helps you, but you have to have a great credit rating, have a history of good jobs, as well as a good equity for the first mortgage. It will modify your payments, but the interest rate will increase over the years. It is risky, but can be helpful. |
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