Posted on: 11th Jun, 2009 05:43 am
I just got a call from my lender they said i was approved for my loan modification and i asked her over the phone whether their was a principal reduction she said NO and my interest is 6% after the 4th year until the end of the loan. Question if i turn down the offer can i renegotiate for a better deal thru the lender or whats my next step.
ricardoace
Welcoem to the forum
In this market it is really hard to get loanmodificationand your luck to get the call and congratulations.
Rather than denying it, ask if they can do ay bettre and calcuate if the modification will help you to reduce your payment and save money in the logn run, if you pay the saved money towards principal.
Good luck and feel free to ask
Welcoem to the forum
In this market it is really hard to get loanmodificationand your luck to get the call and congratulations.
Rather than denying it, ask if they can do ay bettre and calcuate if the modification will help you to reduce your payment and save money in the logn run, if you pay the saved money towards principal.
Good luck and feel free to ask
Hi ricardoace,
It depends upon the lender whether he would negotiate the terms and conditions of the loan. If you reject the offer, the lender may refuse to give you any other plan and simply foreclose the property. Before rejecting the offer, I would suggest you to speak to the lender and check out if he is ready to negotiate the terms. If he is not ready to negotiate the terms, you will have to accept the loan modification offer in order to save your property.
Thanks
It depends upon the lender whether he would negotiate the terms and conditions of the loan. If you reject the offer, the lender may refuse to give you any other plan and simply foreclose the property. Before rejecting the offer, I would suggest you to speak to the lender and check out if he is ready to negotiate the terms. If he is not ready to negotiate the terms, you will have to accept the loan modification offer in order to save your property.
Thanks