COVERITLIVE.COM

7:06	Hello Georgians! It's good to have you with us. Thanks for joining the Web chat today. We are joined by special guest Adaeze Onu, a certified housing counselor with Consumer Credit Counseling Service of Greater Atlanta. She will be answering your questions.

7:25	[Comment From Victorine Ngalle ] We recently bought a house 30fixed and are looking for ways to pay off the house early. My question, Can we modify the contract to a 15yrs fixed? If yes what are the conditions?

7:27	Hello, this is Adaeze, you absolutely can, if you have adequate equity, your debt-to-income ratios are low and you have good credit history. You can definitely give us a call at 1.800.251.2227 to speak with a counselor :)

7:31	[Comment From Guest ] Does legal aid man have a phone number?

7:31	Please hold. I will find out. Thanks

7:31	[Comment From Guest ] i can't type as fast as those people can talk. I didn't get that web URS for consumer credit or legal aid.

7:33	Please hold, I will get those Web addresses and numbers for you.

7:34	[Comment From Victorine Ngalle ] Going back to my initial question, if we were to pay a large lumpsum payment, how would that affect; a the principal and b the the term of the mortgage?

7:35	The number for Atlanta Legal Aid is 888-257-9519. The number for Consumer Credit Counseling Service of Greater Atlanta is 800-251-2227.

7:38	Hello Victorine, making a lumpsum payment reduces your unpaid principal balance but does not change your term.

7:38	[Comment From Karen ] Thank you for the info and I apoligize to Victoria, didn't notice your question.

7:40	[Comment From Victorine Ngalle ] What is a wiser move, make your FHA fee part of closing cost or factor it in the mortgage loan amount?

7:42	Victorine, that is a good question, you probably want to address with your Loan officer. However, with FHA, if you are referring to MI (Mortgage Insurance) you are charged an upfront fee and you also pay monthly.

7:42	[Comment From Carl in Marietta ] What's the best way to get out of a mortgage I can no longer afford? My principle is way more than the house is worth... should I just walk away from it?

7:44

Hello Carl, what is your goal? what determines affordablility? There are options available to help you. If you really want to keep your home and you have income, you can contact a Certified Housing Counselor to assist in reviewing your situation and recommending options. Walking away is not a good option.

7:44	[Comment From Victorine Ngalle ] Thanks for your help

7:45	Cheers Victorine! Good luck.

7:48	[Comment From Carl in Marietta ] I'd love to stay, but it almost seems like I'd save money renting... and what would i be losing if i just walked away since i have so much negative equity?

7:50	Hi Carl, walking away is equivalent to a foreclosure. If you absolutely cannot afford the property there are loss miigation options (disposition) such as, pre-foreclosure sale and deed-in-lieu of foreclosure that may be available. Talk to your servicer.

7:50

[Comment From Chris ]
I bought my house for 172,000 about 3 years ago. The value of it now is around 125,000. I have no problem affording the mortgage, but is there anything I can do to lower the amount I have to pay the bank? I know there were some gov. programs that did something like that, but my lender wasnt

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