mortgage renewal

October 13th, 2009 by Questions

my mortage is due for renewal on nov 8,09 at the same time, my wife and i are about to become bankrupt, we can afford to maintain our car and mortage paymnt so we will keep these however our mortage is with wells fargo and new rate is 16.75% for 3 years 1035.00 per month on 59,000 our hose is worth 85,000+ would another institution look at us and who would it be

Posted from: Nova Scotia


One Response to “mortgage renewal”

, A licensed trustee said:

I think you need to seriously consider “other options” – the market rate for mortgages right now is around 4%. If you are being charged 16%+ then they are telling you that you shouldn’t have a mortgage…

Before you file for bankruptcy, you should discuss your housing situatioin in detail with your trustee. I doubt very much any other company will offer you a mortgage, but perhaps you should consider a move as part of your financial rehabilitation. Sorry – I don’t imagine you wanted to hear this.

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