Hi I’m still up to day payment with pay min. require to lender. Is it easy to call lender to ask for Loan Modification to get lower rate and fix term or should I pay to law office and pay certain fee to deal with lender. Because I heard it not easy to get loan modification unless I didn’t make payment for couple months otherwise I had to know how to prevent to convince the lender to accept it.
Thanks
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4 Responses to “Loan Modification?”
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Filled Under: Mortgage Loan Modification
October 11th, 2009 at 3:49 pm
Call the lender and talk to them. I work at a title company, and some of the lenders we deal with will do modifications. It doesn’t hurt to ask.
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October 11th, 2009 at 4:08 pm
Loan modifications are for people that have been having trouble making their payments. You need to have at least a 30 day late.
I would try to refinance if you think that you can get a lower interest rate and a lower payment.
Today’s rates 30 yr fixed is at 5.4%
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October 11th, 2009 at 4:33 pm
No loan modifications are not easy, and in addition you can NOT be current on your payments, most lenders will not even talk about options until you are 30 or more days behind in payments.
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October 11th, 2009 at 4:43 pm
If you can’t make the telephone call to ask your lender to work with you, I don’t see how a lawyer would be able to help the situation. Using a lawyer n this instance would be a waste of money.
If you do not have any other circumstances currently going on with your finances other than you want a lower fixed rate, ask to be refinanced instead. If your current lender refuses, then shop around for the best rate.
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