Posted on: 21st Jan, 2009 08:00 pm
What should I do if my lender tells me that they do not participate in the principle reduction program? :cry:
hi manh,
as far as i know, the principle reduction program is a voluntary program and no lender is obligated to participate in it. as your lender is is not participating in this program, you can check out if he can help you with any other option. if you are still current on your mortgage payments and if there is some equity on the property, then you can look forward to refinance the property at a lower rate.
thanks
as far as i know, the principle reduction program is a voluntary program and no lender is obligated to participate in it. as your lender is is not participating in this program, you can check out if he can help you with any other option. if you are still current on your mortgage payments and if there is some equity on the property, then you can look forward to refinance the property at a lower rate.
thanks
May I ask why you are asking for a principle reduction? Are you trying to sell your home, but it's not worth what you owe? Give a little more detail on what you are trying to accomplish, then I believe I can give you some insight on what you can do.
Thanks,
Rob
Thanks,
Rob
Sounds like he is just looking to get his loan balance reduced for the heck of it.
Now, I directed a friend of mine to call his bank (Wells Fargo) and gave him specific instructions as to how he should get his rate reduced. They told him he could not get a rate reduction because he was not 60 days behind on his payments. I told him not to pay for two months and call them back.
Now, I directed a friend of mine to call his bank (Wells Fargo) and gave him specific instructions as to how he should get his rate reduced. They told him he could not get a rate reduction because he was not 60 days behind on his payments. I told him not to pay for two months and call them back.
