How can I get my mortgage payment and principle lower when I am paying on time?
June 20, 2009
asked:
Couple of my friends have their mortgage payment and principle lower by their lender because their can’t afford it any more and they stop paying. How can I do it when I am paying mine on time all the time?
Couple of my friends have their mortgage payment and principle lower by their lender because their can’t afford it any more and they stop paying. How can I do it when I am paying mine on time all the time?
June 20th, 2009 at 8:48 pm
You can’t. The only reason a lender would do this is to prevent the home from going into foreclosure because, in a foreclosure it’s not just the home owner who loses. Banks lose big bucks too.
Basically, lowering payments is the lesser of two evils for the mortgage company but, in your case, the lender already has the best deal.
June 22nd, 2009 at 2:49 am
You are doing the right thing. Don’t stop paying just to try to get a lower payment. You might have a loan with a place that would be just as happy to kick you out as to adjust your loan.
If you have a long history of paying on time, or early, perhaps you could refinance.
June 23rd, 2009 at 2:16 pm
Even if your paying ontime you still may be able to talk your lender into renegotiating “if” you can prove the payment now or in the future is going to cause you to default on the loan “and” your not able to sell or shortsell the property.