my monthly payment is more than it should be, what can I do
I got a modification 6 yrs ago. only my interest rate was reduced. I continues to make extra payment to my principle reducing it by quite a bit. I received my final notice from the loan holder and the monthly payment is more than it should be. What can I do. Should they recalculate the loan monthly payment?balance 185600new interest rate 4.75monthly payment 1250.00, which is 100 DALLARS MORE THAN IT SHOULD BE. by HEAVEN189194 from Tallahassee, Florida. Oct 21st 2016
Barclay Butler (Barclay)
#83 ranked lender in Illinois - 89 contributions
You should refinance, that rate is high. Barclay Butler. 224-420-9990. bbutler@barclaybutlerfinancial.com
Jericho Cherry (Jerichocherry)
#54 ranked lender in Virginia - 1,107 contributions
You have to refinance in order to make any changes to the loan.
William J Acres (William_Acres)
#74 ranked lender in Arizona - 8,728 contributions
Just because you make extra payments, does not mean that the lender will automatically lower your payments.. The modification you agreed to 6 years ago has a "SET" payment schedule.. regardless of your outstanding balance... so by making extra payments, it does not lower your future payments, it only shortens your term.. if you want your payments to be lower, you should consider refinancing.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com NMLS# 226347
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