Has anyone ever renogotiated their mortgage loan terms without refinancing?

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I am currently behind on my mortgage and my options are to sell the house for less than I owe, foreclose or as someone suggested negotiate my loan terms with my lender. Who would I talk to do renegotiate as that would be my preferrence? I think if they would drop the rate for me I would be able to make my payment and save myself and the bank money by avoiding foreclosure. I just don’t know who to talk to and how to convince them that this is the best way to do it. I can prove to them that I’m upside down and houses are sitting in the market for 6 months or more. The customer service reps won’t help me because they are just trained to collect and I can’t pay them.

2 Comments
  1. Reply
    Yanswersmonitorsarenazis
    May 26, 2011 at 2:40 pm

    Contact your lender again. Ask for their loss mitigation department. Then ask for a supervisor.

  2. Reply
    DJ B
    May 26, 2011 at 2:56 pm

    You have options if you haven’t waited too long. If you are only a month or two behind, call the lender and ask to speak with a manager or supervisor. Tell them the facts and ask if they are willing to re-negotiate your loan and terms. If they are unwilling to work with you, contact the HUD approved counseling service 888-995-Help. Do it today. Please do everything in your power to save your home. You have worked far too hard to just let it all go.

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