Posted on: 25th Aug, 2010 06:52 am
I am 3 years into a fixed rate mortgage of 6%. I am "upside-down" by about 25%. I am current in my payments and the lender is not responding to attempts to modify my mortgage. How can I get the lender to earnestly enter into negotiations to modify my loan? Do I have to miss some payments,? How many? Or will missing payments even get their attention? Will lenders modify fixed rate mortgages? What can I expect?
Hi Guest,
Lenders generally modify loans when you're already delinquent on your mortgage payments. You should be at least 2-3 months delinquent on your loan payments in order to get any help from the lender. Lenders do modify fixed rate mortgages. If your loan is modified, your interest rates will be reduced so that it become affordable for you to pay off the loan.
Feel free to ask if you've further queries.
Sussane
Lenders generally modify loans when you're already delinquent on your mortgage payments. You should be at least 2-3 months delinquent on your loan payments in order to get any help from the lender. Lenders do modify fixed rate mortgages. If your loan is modified, your interest rates will be reduced so that it become affordable for you to pay off the loan.
Feel free to ask if you've further queries.
Sussane