about home and auto loans

if a person has a salary cut, can home payments be stretched out for a longer period of time to make them smaller monthly amounts? For example the original plan was for the house

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Talk to your lender, JustInCase. You will probably have to refinance; but if you do some internet searches, you may be able to find a lender who doesn't charge closing costs. Suggestion: if you do refinance, refi for 30 years. Then you can always double up on your payments every other month or so in order to shorten the length of the mortgage. When you "send extra, " be sure to write on the check that the extra is meant to be applied to principal. That way, when you can afford it, you can send more. When you can't, you do not have to. Good luck to you!
ONLY IF THERE ARE PEOPLE WILLING TO ADAPT TO THESE CHANGES
You must speak to your creditors about that
No. A salary cut is no excuse to reneg on obligations to which you have already agreed. Regarding your mortgage, you have the option of refinancing into a longer mortgage term, which you can accelerate when you are better able to make larger payments. Nevertheless, you must still qualify for the new loan. If your debt ratios are too high, your credit scores too low, or your income too spotty, you may not qualify!. The same can be said of your auto loans. They too must be refinanced to spread the debt over a longer amortization period. In the final ysis, this may be required to reduce your debt ratios sufficiently to qualify for your mortgage refinance. Seeing as the interest rate spread is fairly narrow between 10 year, 20 year, and 30 year fixed rate mortgages, go for the longest term to reduce your payment size most dramatically. Accelerate the term at your discretion to reduce long - term interest expense, knowing too that you have a substantially smaller payment they you MUST pay in any months that your income is short or your expenses higher. Good luck. InspiredFinancing.net /

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