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oscar0467 · Joined: 27 Jun 2008 Posts: 1 1.64 Dollars($)

How can I get bank to renegotiate loan terms(I.e. Lower interest rate)?wife and I just split and I can't afford to pay mortgage and a place of my own,current on payments but can't refinance due to house having not enough equity,it was purchased two years ago and with 0 down and 9.6 rate good for two years now is adjustable but it will stay the same for 6 more months.Contemplating forclosure or DIL.If I can lower payment wife and kids can stay there in Lieu of support.Thankyou,going crazy in TX

brian1 · Posted: Fri Jun 27, 2008 6:35 pm Post subject:

Contact the loss mitigation department with your lender and discuss the situation. Dont hesitate to tell them what you are considering if they cant make it work.

Good Luck
Brian

Niicss · Posted: Sat Jun 28, 2008 1:45 am Post subject:

Welcome oscar.

Brain is very right. You should contact with the mortgage company ASAP and tell them your situation. You can ask them for the loan modification for lower monthly payments. You should write a hardship letter to them stating your problems.

Know how to construct a letter of hardship at http://www.mortgagefit.com/know-how/about7067.html#hardshipletter

Let me know if you have any more queries.

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