Posted on: 25th Aug, 2010 01:11 pm
I have a negative amortized jumbo loan with Chase on what is now a second home that didn't sell when I moved up. It's now marginally under water. The rate is 7.625 and will adjust to fully amortized next May-ish. I don't have resources to bring to the table, but my credit should still be good and I haven't missed any payments. Is there any way to get Chase to lower the rate? I can carry it at 5.625 fully amortized, but at the current interest rate it'll sink me when it adjusts next year.
Thanks,
Emile
Thanks,
Emile
Hi emile!
Welcome to forums!
You will have to contact the lender and apply for a loan modification with them. If the lender is convinced about your financial hardship, then he would definitely consider your request. If the lender offers you a modification, then it will help you in reducing your interest rate. This will assist you in paying off your debts in an affordable manner.
Feel free to ask if you have further queries.
Sussane
Welcome to forums!
You will have to contact the lender and apply for a loan modification with them. If the lender is convinced about your financial hardship, then he would definitely consider your request. If the lender offers you a modification, then it will help you in reducing your interest rate. This will assist you in paying off your debts in an affordable manner.
Feel free to ask if you have further queries.
Sussane