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Mortgage Payment Increase

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homelearner
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Mortgage Payment Increase  Reply with quote  

I signed off on a mortgage in 2013 that had a very reasonable monthly payment of about $430. I only earned about $1700 per month at the time. Then, the mortgage company increased the mortgage payments a few months later to $970. On the type of money that I was earning, it was impossible to keep up with monthly payments.

I was able to get some help from the attorney general for my state and get the mortgage lowered to $800. Now its about $775. I am having crazy problems paying this bill each month because I originally thought that something about 1/3 of my income was doable - but has grown to about 1/2 of my income each month.

Any advice on how I can take step to make this work?
Post Sun May 31, 2015 8:32 pm
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oldguy
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quote:
monthly payment of about $430. I only earned about $1700 per month at the time. Then, the mortgage company increased the mortgage payments a few months later to $970


Are you paying attention to what you are borrowing? Loan companies do not just add $540/m to a loan payment, you must have signed up for a teaser rate, look at your original 2013 loan agreement - it will tell you the amount borrowed, the interest rate, and the term. And if there was a shortterm 'teaser' included it will be there. Give us the numbers and we can tell you what the payment should be. Very Happy
Post Sun May 31, 2015 8:49 pm
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homelearner
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There was no teaser. The mortgage company provided me with a GFE and I made monthly payments in that exact amount for 5 months until they increased the payments. They said that the house was on two lots ant they needed to increase the payments to include both.
Post Mon Jun 01, 2015 12:20 am
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oldguy
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two lots ant they needed to increase the payments to include both


Maybe they didn't increase your mortgage, maybe the county/city increased your property tax bill?
Post Mon Jun 01, 2015 1:58 am
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