Work in Construction and only working 25-35 hours a week, girlfriend left me who payed half of home loan, first mortgage is $1035 a month includes taxes and pmi, 30 year fixed at 5.9%. I am fine with that. Home equity loan by Discover Home Loans remains $23,600 and 13 1/2 years left on it. Fixed rate of 9.75% and payments of $265 a month. I also have $9000 that i can repay on it.
How can negotiate with Discover to get the interest rate lowered? Will paying the $9000 back help me make a deal? What is the best way to lower this payment, i can not afford this, things are very tight as it is
Since you currently have a loan with them the best place to start is by calling Discover Home Loans and asking them what programs or options exist for you to get your rate lowered. You never know till you ask.
Because your work hours are reduced I would not advise you let go of any cash you have on hand. That is your emergency fund and you might need it to help make ends meet if your situation changed further.
Outside of an internal Discover Home Loans route it looks like Discover is now out of the home loan business. Your next option would be to contact a local mortgage broker and see what new loan you might be able to qualify for the refinance the Discover home equity loan. However in this economic climate and with your reduced income, I would not bet that will be easy to do.