Question: I just helped a friend who happens to have a "not so good" credit purchased a car under my name. Then i found out from my spouse that our house's fixed rate is about to change to adjustable rate. My spouse wants me to return the car but I do not think that is possible. Want do I need to know to get a fixed rate for the house?

Answers

Posted By: info@rtlmwest.com on Feb 13, 2010 12:39PM

A: I don't think it is as easy as just returning the car. I believe you will have to sell it and if the car value is less than what you owe you will need to pay the difference to be free from the car. In order to qualify for a loan modification you need to have a verifiable hardship. If your loan is about to adjust and your payment is going to increase and that makes your payment unaffordable then you have a hardship. I would suggest speaking with a loan modification specialist to get more information about your situation to see if you would qualify for a modification. You can either fill out one of the forms under "get started" or you can visit www.rtlmwest.com or call 877-702-9104 to speak with a loan modification specialist.