traditional loans
Question
How to reduce my loan rate?
Like many others, our property is upside-down. The property value is around 240K and our mortgage balance is 300K. Rate is lowering to around 5% again and we want to take this advantage. We do have some cash, but it is not enough to bring down the pinciple and do the traditional refinance. We have documented income, good credit and never late on payments. Is there anyone knows what can we do to reduce my rate? Should I get an attorney to negocitae it with lender?
1 month ago - -3 answers
Best Answer
Chosen by Asker
At this point there isn't anything to do. You can't refinance. You can't modify your loan, because you have to bring it into foreclosure status first.
by Janet P
1 month ago
Asker's Rating: 
Other Answers
There are many Loan Mod companies out there these days. I've never dealt with any of them myself, but they specialize in modifying existing loans. Try talking to one of them to see if they can help. Always read everything you are asked to sign. If you don't understand it, ask for clarification. It's better to be embarrassed than to lose money.
by De- 1 month ago