Renegotiate existing mortgage?

Hoping for some direction from those of you who are far more knowledgeable about this.

We owe 185k on a home we bought in 2016 @ 3.75%. We lost our jobs last year and had to enter into the special forbearance. That 12 months of no payments is now expired. It’s a VA loan, and prior to this month there was an option to “roll” the owed balance into a (2nd mortgage? Or something like that) with 0% interest. Unfortunately without warning, that option ended Aug. 1st.

We have been able to recoup a portion of our income to $4k/month. With the ideal option no longer available, we have to pursue state assistance or renegotiate our mortgage (according to our lender). We have a fairly decent credit score 680-720ish depending on who you look at, but I’m still a little worried we’ll get shellacked during all of this. We can’t afford to pay the 18k owed atm, and state assistance would likely take too long for a decision so it seems renegotiation is our only option.

Do we need to be careful about any of this “renegotiating”? Would it be better to shop rates and just refinance? Any other suggestions? Go easy on me, I don’t do this for a living and bought because family said it was a good time. Just trying to take care of my family in unfamiliar territory.

Ty

submitted by /u/Electrical_Soup_432
[link] [comments]

Hoping for some direction from those of you who are far more knowledgeable about this. We owe 185k on a home we bought in 2016 @ 3.75%. We lost our jobs last year and had to enter into the special forbearance. That 12 months of no payments is now expired. It’s a VA loan, and prior to this month there was an option to “roll” the owed balance into a (2nd mortgage? Or something like that) with 0% interest. Unfortunately without warning, that option ended Aug. 1st. We have been able to recoup a portion of our income to $4k/month. With the ideal option no longer available, we have to pursue state assistance or renegotiate our mortgage (according to our lender). We have a fairly decent credit score 680-720ish depending on who you look at, but I’m still a little worried we’ll get shellacked during all of this. We can’t afford to pay the 18k owed atm, and state assistance would likely take too long for a decision so it seems renegotiation is our only option. Do we need to be careful about any of this “renegotiating”? Would it be better to shop rates and just refinance? Any other suggestions? Go easy on me, I don’t do this for a living and bought because family said it was a good time. Just trying to take care of my family in unfamiliar territory. Ty submitted by /u/Electrical_Soup_432 [link] [comments]

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