can chapter 13 lower my home loan interest?
Q. we have had a loan through citimortgage for about 1 year we closed on dec 7th of 2007 and they wanted our first payment on dec 26th our interest rate is 12.125 they said because im self employed between my tax records and bank statements thats what my interest rate would be but that if i had a w-2 i could get a 6% rate which is crazy in my opinion but then i dont know what the standard is but we paid nearly 1000 in closing costs now i know what your thinking why did u do it to begin with well we sold our house with the brokerage telling us we had a 8% interest then moved in with inlaws found a house and bam 12.125% so i looked for a house to lease 1200 a month and my payment was going to be a little over 1500 and i figured in a year or so… [cont.]
Asked by spadestransport2002 - Fri Nov 28 21:19:18 2008 - - 1 Answers - 0 Comments

A. First you need to consult with a qualified bankruptcy attorney who can give you more information on a chapter 13 filing. When you go into a chapter 13, the plan payments run about 5 years, based on income, some have done it for only 3 years. The plan payments are taken out of a paycheck and sent to the trustee who then in turn pays the secured debts first, then the un secured debts last. If the case were to get dismissed, the loan payments on the house come back at you in full force PLUS interest. I highly doubt the interest will be reduced. You can seek the counsel of an attorney, most will see you free the first time. In a chapter 13 you can be behind on your loan, but, you need to do something before they foreclose. Contact someone in… [cont.]
Answered by S P - Fri Nov 28 21:50:28 2008

What do you think about this? refinance question?
Q. We have an investement property- a 2 family home. We are collecting less rent than the mortgage paymentt This has been the case for a while. I decided to call the bank to see if they would give us a loan modification (last year they would not). However this year, they say we are eligible for a Fannie Mae refinance, since our loan exceeds the value of the home and we would otherwise not qualify. When I go online and use the online tool with my information/account in the system, 30 year fixed rate is 4.875%, but loan officer is giving me 5.65%. The option he is giving me says I will save $445 monthly. Closing will cost between 6K and 9K. When I ask why, I feel like he is giving me the run around and is not answering my questions...he says … [cont.]
Asked by odalis - Fri Jul 30 10:16:51 2010 - - 6 Answers - 0 Comments

A. Do not sign this!! Obviously this is a bad deal if he wont give you the answers you are seeking! and from what im getting it sounds like a terrible deal! He makes commision off of you,,, which is WHY he wants you so eagarly to sign!! First off WHY are you getting less monthly then the mortgage amount? you obviously made some sort of terrible deal along the way if this has happened. Your best option will usually be a separate lender or the federal government. The government offers refinance options through the FHA, but these options are only extended to victims of predatory lending. If you received a subprime loan, made payments before the rate adjusted and can no longer make payments, you may be eligible. Otherwise, shop your mortgage… [cont.]
Answered by Johnnie P. - Fri Jul 30 10:31:30 2010