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Can My Mom Lower Her Mortgage With Green Tree? – Kenetha

“Dear Steve,

Hi, I have a question about my Mom’s mortage. She has been living in a home for the past 15 years. She purchased the home for 29 thousand with something in the range of 10% intrest rate. 15years later she stills owe around 25 thousand and is now on a fixed income of about 900 a mo. Her monthly payment is more than half her monthly income and the mortage company which is Green Tree will not give her a loan modifacation or refinance.

what can she do to get a lower payment?
Is there any free or low cost organizations she can talk to ?

Kenetha”

Dear Kenetha,

I’d suggest you start with contacting Green Tree and they appear to have some programs that might help. Visit this page for more information.

What is unusual is that she has made payment for 15 years and still has the original balance. Was this an interest only loan or did she fall behind or was late at some point?

Please post your responses and follow-up messages to me on this in the comments section below.

Sincerly,
Steve

You are not alone. I'm here to help. There is no need to suffer in silence. We can get through this. Tomorrow can be better than today. Don't give up.




About the author

Steve Rhode

Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.

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