Nikki
Coconut Creek,#2Consumer Comment
Mon, October 29, 2007
With all due respect, if you got a 30 year mortgage in 1995, of course you are still paying. You will be paying until 2025. Say, for example, if you got a $65,000 mortgage in October, 1995, and your interest rate was 8%, you would still owe $55,000 in October, 2007. That's right. After 12 years of paying about $475 per month (a total of $68,400), you would still owe $55,000 (only $10,000 paid off). That's the way mortgages work. Also, if you have been late or in default before, extra fees are tacked onto that. If you don't make the payments, they will take your home away from you. I understand you are getting older, but you are still required to make the payments. Please speak with your daughter and maybe she can explain this to you. Have her help you find a loan amortization calculator online and you can see how your payments are applied. If your home is worth more than you owe (which it may be if you have had it since 1995), do not let them take your home. They will get all the equity you have. Please have someone help you with this!