Question by BDZ: How can I negotiate a loan modification with my lender what tips or tricks can I use.?
I have an ARM. I cannot refinance. How can I go about negotiating a loan modification with my lender. I don’t want to be just a name and account number. I can meet the existing payments and to date have not fallen behind. If they raise the interest rate any further then that will be the tipping point. Are there organizations out there to help me such as HUD, etc. Do I already have to be in default before they’ll consider a loan modification?
Best answer:
Answer by Gregg
The truth is that they won’t do anything until you get behind. You will have to miss payments before they will even talk to you. Seems stupid but that’s the way it is. You can write a hardship letter explaining why you cannot pay but you would have to have a good reason, usually medical reasons work well.
If you can pay, I suggest you do and sell it as fast as you can before your payment gets unmanageable.
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