“I’ve seen how many homeowners who don’t pay their mortgages are being helped out with lower interest rates, having their mortgages re-done. How about those of us who have high interest loans but pay the mortgage every month and are never late. It seems unfair to us. Is there any help? We are also upside down on our mortgages but pay regardless.
Thanks very much!”
***ANSWER:
I hear you.
You’ve worked hard to keep your end of the bargain, and you basically get penalized for it.
The reality is that very few lenders will cut their borrower a break and re-do their mortgage unless they’re late on payments.
Lenders are all too happy to keep accepting your payments and sees no reason not to re-write your loan unless they feel the threat of taking the home back, and they don’t feel it unless they borrower is late.
It’s one of those unfair things in life. What can I tell you…
Buying or Selling San Diego Investment Property
