RallisonW
Jan 6, 2009, 08:14 AM
I have a $750,000 mortgage on a house currently valued for less than that (probably $650k). I'm also on the verge of a divorce and my husband can't afford the mortgage without me. I can probably handle it on my own as long as I get a renter into the house. The first trust rate is 6.75 and the second is 8.25 and it's a fixed interest only loan for 10 years. I want to take advantage of the lower rates because it could really make a difference in my ability to get my husband out of the house and afford to stay there until I can sell it when the market turns around. How can I get the banks to negotiate with me? I hear if you don't pay your mortgage for a couple of months, they'll negotiate with you on the rate. Is that true? Any downsides to doing that? All suggestions are welcome!