Sounds like you know more than Paul...
Posted by RSI on May 27, 2008 at 13:31:45:
In Reply to: lowering monthly payments posted by homeowner on May 23, 2008 at 13:12:55:
Really, you want to refinance the property into your own name. Doing this might also lower the interest rate (subject to credit worthiness).
You are right in that most relief efforts are not designed to be preemptive. Your loan will have to be distressed for your lender to attempt a workout. At that time, a loan modification might be considered but it could increase rather than lower your monthly payment.
Still, given the current backlog due to a spike in workout requests, by the time your lender gets around to reviewing your request for relief, you're likely to be in active foreclosure.
Have you condiered taking a roommate?
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