Time To Negotiate That ARM

If you have an adjustable-rate mortgage about to adjust, now is the time to negotiate with your lender, according to a January 15, 2008 article in The Boston Globe.

"If your mortgage is ratcheting up to a monthly payment you can't afford, you may have some leverage in lowering the rate. Your lender may even welcome the move and allow you to do a low-cost loan modification."

Although your loan may be serviced by a company that doesn't hold the loan and may not be able to change the loan's terms, your first call should be to the customer service department of the mortgage servicing company.

Generally, the best rates go to those individuals with the best credit scores, but you'll never know until you try.

Read The Boston Globe Article

Comments

[Pat]

Lenders and how we get them to listen!
As many borrowers know from their own experience is that the resistance from
their lender is high and just getting through to the appropriate person is very
difficult. However, when MyRecast is
involved it seems as if the calls start to get answered and the letters are
responded to. On our MyRecast Team we have the best HUD advisors involved, state
wide attorney representation and the BEST sub-prime underwriters to QC / and
audit the original files.
We use powerful laws like the Truth in Lending Act (TILA) and the Real Estate
and Settlement Procedures Act (RESPA) to bring lenders to their knees. So,
naturally, the lenders will be very amicable to working and negotiating with
MyRecast Team for a modification of the note and work out to more affordable terms to avoid costly
litigation. Not to mention your credit and
how this will affect your ability in the future.

[Rich Rosa]

MassHomeBuyerGuide.com is not affiliated with MyRecast and does recommend any such service.

Consumers are wise to contact a trusted attorney first before trying to negotiate with their lender.

The reality is that modifying the terms of your loan is many times in the best interest of the lender too.