30 days behind...

I'm sorry to hear that you're having this issue... As long as you are only late 1 time and it's less than 60 days late, you may have an option to refinance using a government loan, such as FHA, VA or USDA. They offer more leniency on late payments than Conventional loans, which require NO late payments in the last 12 month period. Interest rates on government loans would likely be under 4%, helping to get your principal & interest payment lowered. However keep in mind that you may have to pay some monthly "mortgage insurance," such as on FHA financing, which could add some to the total payment each month. Either way, if you are in a balloon loan, (which also has an "adjustable rate" it sounds), then I would certainly investigate whether a government loan would make sense to get you out of this situation.I'm not sure where you're located, but I'm a State Licensed Broker operating in Minnesota & Wisconsin. I would only be able to help you into a new loan if you were in one of these states, but if you would like to discuss your options or have further questions, feel free to call me at 651-636-2840 Ext 12 or email me at dyoungs@progressivels.com Thanks!

Most standard loans allow you to have recent 30-day late payments, but if you have any 60-day or more late payments in the last 12 months, you will get denied.