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Our home loan has a high interest. Is there any other options we have to lower our payment or interest rate besides modification

Salt Lake City, UT |

We have tried a modification and don't qualify because our house payment is not more than 31% of our income. However they don't take into account that we have an 80/20 loan and that with our second payment it is over 31% of our income. Do we have any options besides a modification to lower our payment and/or interest rate. Our loan isn't Freddie/Fannie as far as I know

Attorney Answers 3

  1. Best answer

    There have been some legal actions in relation to onerous loans, high interest rates, and predatory lending, but without more detail as to why your situation provides a cause of action (for suit), then you are left with difficult financial decisions.
    You can decide not to pay the loan, or file for bankruptcy, but modification would be best, if poossible. Foreclosure and bankruptcy are serious actions. If you are going that way, you can try a local law firm for help, or the Utah State Bar's Tuesday Night Bar events --

    This answer or response should not be considered legal advice, and does not create an attorney-client relationship. If you have further questions, I would be glad to discuss your situation further. I can be reached at US - (801) 746-6300, or online at --

  2. Not a legal question. Find a trusted loan broker, and have them walk you through all options.

    Our replies to Avvo questions should not be considered specific legal advice to any individual, and no attorney-client relationship is formed with you. Our aim is to provide general principles that may be useful to the Avvo community as a whole. You should seek individual legal advice pertaining to your specific factual situation, and the laws applicable to your jurisdiction. Moore & Moore Attorneys at Law --

  3. Your state may also have some government (and federal) programs available to you.

    I am not your attorney. Contact an attorney for advice immediately.

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