Absolutely it is. Mortgage companies frequently offer borrowers "short payoffs", depending on the circumstances. The most common form of a short payoff is a short sale, where the homeowner sells their home for less than what it's worth in order to avoid a foreclosure.
Some second lien holders will offer a distressed homeowner the opportunity to wipe out a debt for a small percentage of what's owed.
More recently, there has been pressure on mortgage companies to refinance homes at current market value, wiping out any negative equity on a loan and lowering the monthly payment.
For more information, email me at admin@premierepropertyllc.com.
A creditor will usually accept a lower payoff amount when requested. Usually a lump sum payoff will result in a lower due balance.
A lender will request a credit report from one of three credit reporting bureaus. This report will give the lender an idea about how likely you are to repay a loan on time and in full. The better your credit report, the more likely you are to repay the loan in full on time and (in general) the lower an interest rate you will be offered.
No
There are three things need to be considered before refinance a home mortgage. First, Check the payoff, even with a lower rate, a new mortgagee is not always the best move. Second, set the expectations, refinancing can save money in the long run, but it is not a cure-all, and it does not happen quickly. Finally, Shop around, prices, rates and packages will vary from lender to lender.
One way to pay off credit card debt would be debt consolidation, where one shifts all of one's debt to a different lender who offers lower interest rates. This can help one pay off the debt more easily.
A creditor will usually accept a lower payoff amount when requested. Usually a lump sum payoff will result in a lower due balance.
A lender will request a credit report from one of three credit reporting bureaus. This report will give the lender an idea about how likely you are to repay a loan on time and in full. The better your credit report, the more likely you are to repay the loan in full on time and (in general) the lower an interest rate you will be offered.
Voluntary forclosure is when you call your lender and tell them you are voluntarily forclosing. This way the lender knows to sell the home before the bank "forcloses". I heard when the bank sells the home for a lower amount than the payoff, they can come after you to pay back the difference. By volunteering, you have open communication with the lender where the house can be put on the market asap rather than after the fact. You are off the hook but its stamped on your credit for a very long time.
Borrow money from a 2nd lender (hopefully at a lower rate) to pay the first lender
Usually the best place to start is with your existing lender, but today most mortgages are bundled and sold to investors so they cannot be modified. The debtor has to refinance the loan. With a refinanced loan, you get a lower interest rate but you start with a new loan payoff date as well.
No
There are three things need to be considered before refinance a home mortgage. First, Check the payoff, even with a lower rate, a new mortgagee is not always the best move. Second, set the expectations, refinancing can save money in the long run, but it is not a cure-all, and it does not happen quickly. Finally, Shop around, prices, rates and packages will vary from lender to lender.
One way to pay off credit card debt would be debt consolidation, where one shifts all of one's debt to a different lender who offers lower interest rates. This can help one pay off the debt more easily.
Only if the lender agrees to lower the amount due, remember that the BK discharged the promissory note; there is no legal mechanism to force the lender to lower the amount due (you are in a very weak bargaining position). If you dont make the full payments the lender is entitled to repossess the car.
I don't think so, not without refinancing.
You can lower your loan payment by refinancing your car loan. You can also negotiate with your current lender and see if he can reduce your payment amount.
Talk to the lender, or you can file Chapter 13 Bankruptcy to lower the payments where you can afford them.