What is the best way to negotiate with a mortgage company to keep or lower your house payment?

Question

We have a 3/1 that goes to an outrageous rate that we will not be able to afford. House is worth less that what we owe so we cannot refinance. Will this new housing bill help us even though we are not customers of Fannie Mae or Freddie Mac? We are with HSBC. HELP!

Answer 1

Join the club you have been caught up with the same problem so many people have. That is why the government is scrambling to give relief to people like you and me.

Contact your local HUD office they have all kinds of information. Also if you can continue to pay your mortgage then do so till you find out exactly what you need to do.

The mortgage company says they can't help you until you are behind in your payments. Trust me they won't help then either. Get all the correct information from HUD. The dept. of real estate may also have info. as well.

Good luck, Been there!

Answer 2

The housing bill can help you even if you are not a customer of Fannie Mae or Freddie Mac.  The bill is urging lenders to forgive a portion of the debt when customers are "upside down" on their mortgages to give them the ability to refinance.  Some of the forgiven debt is expected to be repaid to the bank (down the line) if/when the economy recovers and the house increases in value, but it will still help you to get out of your current situation.  HSBC does not have to agree to help you, you can still refinance.

Here is a great article.  Read it carefully for helpful information:

http://bankrate.com/brm/news/mortgages/h...

Best of luck to you!