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Lane
Lane, JD, CFP, MBA, CRPS
Category: Finance
Satisfied Customers: 11838
Experience:  Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
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I have been paying interest only on my 90,000.00 home equity

Customer Question

I have been paying interest only on my 90,000.00 home equity loan since the tech crash of 2000. Do to other expenses. my wife has now lost her job and im not to many years from retirement. How can I get my bank to reduce this loan? I also have two charge cards with a total balance of around 25,000.00
Submitted: 1 year ago.
Category: Finance
Expert:  Lane replied 1 year ago.

Hi,

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You may be able to qualify for a H.A.M.P. qualification

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HAMP is designed to provide deep and meaningful savings for homeowners devastated by unaffordable increases in expenses or reductions in income. (H.A.M.P. = Home Affordable Modification Program)

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Expert:  Lane replied 1 year ago.

You may be eligible for HAMP if you meet the following criteria:

  • Because of a financial hardship, you are struggliing to make your mortgage payments.
  • You are delinquent or in danger of falling behind on your mortgage.
  • You obtained your mortgage on or before January 1, 2009.
  • Your property has not been condemned.
  • You owe up to $729,750 on your primary residence or one-to-four unit rental property (loan limits are higher for two- to four-unit properties).
  • You have not been convicted within the last 10 years of a crime in connection with a mortgage or real estate transaction.
Expert:  Lane replied 1 year ago.

Go here and look this over ... Note that there is also something called "2MP," a second lien modification program (left side)

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http://www.makinghomeaffordable.gov/programs/lower-payments/Pages/hamp.aspx

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Let me know what questions you have from here ... but it sounds as if this may be for you.

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Lane

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Expert:  Lane replied 1 year ago.

Hi,

...

Just checking back in.

...

Did you see that last answer?

...

If you need more here let me know, but if this HAS helped, I'd appreciate a positive rating, by clicking or touching, the smiles or stars on your screen ... that's the ONLY WAY I'm credited for the work here.

...

Thanks,

Lane