my home loan i cant pay the principle can i only pay the interest?
- zipperLv 610 months ago
- Anonymous10 months ago
I just got my loan from email@example.com
- oklatomLv 710 months ago
In most cases the payment covers principle, interest, insurance and property taxes. So if you convince them to just pay interest for a time the insurance and property tax payments will become your responsibility.
- BLv 710 months ago
immediately sit down with your bank on Tuesday (Monday is a bank holiday) this is not a joke for you as the payment have already been legalized by your signing and you need to refinance now.
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- babyboomer1001Lv 710 months ago
They will determine how to allocate the monthly payments. That is not something you can choose, and if things are that bad, reconsider buying that house. Buy something less expensive.
- STEVEN FLv 710 months ago
Unless you have a VERY UNUSUAL mortgage, interest only payments are not accepted. You either make the FULL PAYMENT, or you are in default. If you have a temporary financial crisis, most lenders are willing to work something out.
- JudyLv 710 months ago
If your financial problems will just last for a month or two, talk to your lender and see if they can work something out. If it's long term, look for additional income, or for somewhere else you can cut, or put the house up for sale.
- roderick_youngLv 710 months ago
Your choice, but doing only a partial payment without formal permission from the lender starts you on the road to losing your home.
In your position, I would look to economizing on my lifestyle, renting out rooms to housemates, or getting a second job, in that order.
- EvaLv 710 months ago
Generally the bank will not accept partial payments. If you are having money problems you need to talk to them to see if there is a way to restructure your loan.
- SkyLv 710 months ago
You need to either refinance your mortgage into something more affordable, or sell your house and get something cheaper with a mortgage you can afford.