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Roger, Lawyer
Category: Real Estate Law
Satisfied Customers: 31737
Experience:  BV Rated by Martindale-Hubbell; SuperLawyer rating by Thompson-Reuters
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I have a mortgage that is 13.33 percent. I have had it since

Customer Question

I have a mortgage that is 13.33 percent. I have had it since just after hurricane Floyd. The mortgage is on a module I did not realize it was that high. Is there a way I can lower it.
Thank You
Submitted: 2 years ago.
Category: Real Estate Law
Expert:  Roger replied 2 years ago.
Hi - my name is ***** ***** I'll be glad to assist. The simplest way to lower the interest rate would be to consult with your lender (or a new lender) about refinancing the loan. That would allow you to reduce the interest rate and your payments.
Expert:  Roger replied 2 years ago.
You could also request a loan modification from your lender....but those are usually difficult and require a showing of a financial hardship to even be eligible.
Expert:  Roger replied 2 years ago.
Outside of a refinance or a loan modification, there is no way to get the interest rate reduced short of a court action.......and the only real court action would be to file a chapter 13 bankruptcy and restructure the loan, including the interest rate, in your repayment plan.

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