Posted on: 16th Mar, 2010 01:55 pm
I would like to lower my principal int rate from 6.25 to 4.75. I have good credit and a good borrower history.
I have been in my home since Feb 2007, and the home is "upside down" in value. I would like to keep my home, but lower my interest rate. I would like advice on how to negotiate this with my lender to who I am in good standing with.
I have been in my home since Feb 2007, and the home is "upside down" in value. I would like to keep my home, but lower my interest rate. I would like advice on how to negotiate this with my lender to who I am in good standing with.
hi markh,
you've mentioned that your property is upside down. in that case, it won't be possible for you to refinance your mortgage. borrowers will be ready to refinance your loan only if you've equity in your property. you may speak to your lender about a loan modification which will help you in getting a better repayment plan so that you will be able to pay off the dues.
you've mentioned that your property is upside down. in that case, it won't be possible for you to refinance your mortgage. borrowers will be ready to refinance your loan only if you've equity in your property. you may speak to your lender about a loan modification which will help you in getting a better repayment plan so that you will be able to pay off the dues.