How to Get a Mortgage Company to Drop Your Mortgage Interest Rate
Struggling to make home mortgage payments jeopardizes your entire financial status. If you are like many homeowners in this position, a loan modification that results in a drop in your mortgage interest rate is an ideal option. The key is convincing your home mortgage lender to agree to a loan modification through which your mortgage interest rate is decreased. Understanding how to get a mortgage company to drop your mortgage interest rate is essentially the process of getting your overall financial status into better order.
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Instructions
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Write a letter to your home mortgage company. In this communication set forth your proposal in regard to a loan modification that includes a drop in the interest rate. Initially request a decrease in the interest rate beyond your "bottom line." You need to leave room to negotiate a new interest rate with your home mortgage lender.
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State within the letter that if you are unable to obtain a loan modification with a drop in the mortgage interest rate you are left with no choice but to file bankruptcy. Most mortgage lenders believe that it is more cost effective for them to modify a home mortgage loan than wade through the expenses associated with a bankruptcy.
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Schedule a face-to-face meeting with a representative from your home mortgage lender. If you are unable to reach an accommodation with your home mortgage lender through written communication and follow-up phone conversations, an in-person meeting is the next strategy to employ. As in your written proposal to your home mortgage lender, stress that if you cannot obtain a loan modification with a lower mortgage interest rate, your only other realistic option is to file for bankruptcy relief.
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Tips & Warnings
Take a proactive position in striving to obtain a drop in your mortgage interest rate. Begin negotiations with your lender before you are too far behind in payments.
If you are like most people, your home is your most important asset--from a financial and a personal standpoint. You need to be skillful in your negotiations with your home mortgage lender. If you do not feel you have the expertise necessary to effectively deal with your home mortgage lender, consider retaining the assistance of an attorney to negotiate with the mortgage lender on your behalf.
