Mortgage Payment Increase |
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homelearner
New Poster
Cash: $ 0.45
Posts: 2
Joined: 31 May 2015
Location: Chicago |
Mortgage Payment Increase |
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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?
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Sun May 31, 2015 8:32 pm |
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oldguy
Senior Member
Cash: $ 751.85
Posts: 3656
Joined: 21 May 2006
Location: arizona |
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.
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Sun May 31, 2015 8:49 pm |
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homelearner
New Poster
Cash: $ 0.45
Posts: 2
Joined: 31 May 2015
Location: Chicago |
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.
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Mon Jun 01, 2015 12:20 am |
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oldguy
Senior Member
Cash: $ 751.85
Posts: 3656
Joined: 21 May 2006
Location: arizona |
quote: 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?
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Mon Jun 01, 2015 1:58 am |
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