Posted on: 21st Jun, 2010 04:02 am
Hello there,
My friend has got a mortgage Home loan in 2007. He is currently paying the installments for his Mortgage Loan. Installments would be finished in 2015. He had agreed with all the terns when he got mortgage loan.
But now he is not feeling convenient with some of the conditions mentioned in Mortgage Loan “Terms and Conditions†(Contract) decided for the both Borrower and Lender. He is not able to follow some of the conditions. Now what he should do? Is there any way to change or remove that condition? Should he meet the broker or he should directly talk with Lender ? Any suggestion?? Is there any way to negotiate??? Is mortgage Loan Modification possible or not?
My friend has got a mortgage Home loan in 2007. He is currently paying the installments for his Mortgage Loan. Installments would be finished in 2015. He had agreed with all the terns when he got mortgage loan.
But now he is not feeling convenient with some of the conditions mentioned in Mortgage Loan “Terms and Conditions†(Contract) decided for the both Borrower and Lender. He is not able to follow some of the conditions. Now what he should do? Is there any way to change or remove that condition? Should he meet the broker or he should directly talk with Lender ? Any suggestion?? Is there any way to negotiate??? Is mortgage Loan Modification possible or not?
It will be completely the lender's discretion whether or not he would help your friend and change the terms and conditions of the mortgage. Your friend should contact the lender now and check out what kind of help the lender will provide him with. There are chances that the lender will not agree to his request and will not change the terms and conditions of the loan.
Thanks for your Informations,
But Can you tell me
if Lender will be agree to change or remove the conditions then can Broker stop that process or he will also agree if Lender is agreed?
But Can you tell me
if Lender will be agree to change or remove the conditions then can Broker stop that process or he will also agree if Lender is agreed?
Hi hardikvagadiya,
As far as I can understand, if the lender agrees to change or remove the conditions of the mortgage, then the broker won't pose a problem for your friend. The broker will also agree to it.
Thanks
As far as I can understand, if the lender agrees to change or remove the conditions of the mortgage, then the broker won't pose a problem for your friend. The broker will also agree to it.
Thanks