Posted on: 24th Jul, 2009 11:32 am
Hi, I want to change my loan terms as I'm in an adjustable loan. I'm only paying minimum payment. My loan of course is increasing. Is there any way to change my loan if I suffered a hardship?
Hi realreality,
If you are facing a hardship, then you should inform your lender about it by writing a hardship letter. You can even apply for a loan modification. The lender will go through your hardship letter and judge your situation. If he is convinced, he would definitely accept your request for a modification. There are chances that while modifying the mortgage, he will offer you a fixed loan.
Thanks
If you are facing a hardship, then you should inform your lender about it by writing a hardship letter. You can even apply for a loan modification. The lender will go through your hardship letter and judge your situation. If he is convinced, he would definitely accept your request for a modification. There are chances that while modifying the mortgage, he will offer you a fixed loan.
Thanks