Well, friend;

I've been down this road twice as I stated in other threads. Sure, ask the bank for a lower rate, if they say no, then just say how about you get nothing? If you are a good customer they will listen. I had one bank raise my rate to 32.2% after they found out I was late on my mortgage, I called and raised the roof on them. I was a long time customer and told them if they didn't lower it back down I wouldn't pay it at all ever. They lowered it to 13% and then I closed the account. It was 9.9%.

I am currently in agreement with my mortgage to take back my house under Deed in leiu of Foreclosure for satisfaction of the mortgage. they can have the house and I get off with a clean loan marked PAID. It can be done and I am going to do it. See, the thing is I keep in touch with them so it won't slide into foreclosure. I haven't paid them a dime since August.

To those that say I'm a crook, well, I paid that mortgage faithfully for 9 years a total of $267,250.32 on a $320,000.00 note. They could sell it for $275,000.00 and make a total of $542,250.32 gross or a 222,250.32 net profit, minus servicing cost mind you. So cry me a river, the poor mortgage company got screwed.

Every other bill I have will be paid in 2 years and I will never be in this prison again. So, my advice to you is not to feel bad, you didn't ask to lose your business in this downturn, which is only going to get worse, and put your credit at risk. All you can do now is protect yourself and lower your standard of living, aka, live below your means. Start saving that money you are not paying to the mortgage and buy some land cash, or do a lease purchase, get some ground, a dependable vehical and grow a garden, raise chickens and shop at the local butcher, go in with some friends and buy a half cow and have it butchered. Invest in a freezer, learn to can and hang on. It is going to get a lot worse before it gets better. We had the roaring 20's the depression of the 30's, the roaring 80's the easy money 90's and the half decade of money grabbing con artists of the 2000 -2007 period now it is time to pay the pieper. Keep cash handy, stay close to family and get ready to hunker down, it's going to take a long time to see better times again if we ever do in our lifetime.

Good luck to you and your wife, I hope this helps you some.