How safe is my lender need and ask for lower interest rates and extended payback period to inform?

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I called WAMU to determine whether they could reduce my mortgage payment burden, especially after losing a lot of money investing in stocks, and received from them a form of financial statements to meet for me my financial distress. However, I fear, if I bring potentially negative Consequenses who is obliged to repay my loan files to leave sooner or completely wrong in the files will be available to my current credit hiigh. I could then say that print at the bottom: “We are a collection agent” of the letter. I also felt confused by and could not really understand the significance of these prints in the statement, which reads as “…. With my signature, I advise you, if I agree to the following, a plan repayment of my mortgage, my mortgage or pay off my loan in full, and then, solemnly, and thus without the need for action on my part, I hereby withdraw the request for a loan workout. In Then I’ll give you direct you to take no further action to address this demand for a workout. “Representatives of the hotline are provided obviously not professionally capable and are not willing to talk further with me on the phone. I am once again filled and aftraid the statement sent to them, I’m vulnerable to approval by the lender or debt collector, to adverse action against me right nehmen.Mein concern? So what is the proper way to negotiate with your lender? Is it possible with your lender in terms of more favorable interest rate and payback period for?

2 Comments
  1. Reply
    Tim G
    February 2, 2011 at 1:46 pm

    Yes, it is safe to inform your lender of hardships for a request for lower interest rate and to extend the payback period.

    However, how you inform your lender could be detrimental and give them the required information to deny your claim and become more aggressive in there collection efforts.

    I would suggest you speak to a Loan Modification company who negotiates through their attorneys. Statistics have shown that a Consumer submitted loan modification has a 20% approval rate. On the other hand, an Attorney submitted loan modification has a 98% approval rate. Also, the attorneys are working on YOUR behalf. The lender is working on their behalf.

    The Loan Modifications companies know what documentation is needed and what is better left out in a loan modification request. Certainly there is a cost for this request but it would be more than worth the investment. I would not use a Loan Modification company who will not give you a 100% money back guarantee “in writing”.

    I do represent such a company and if you would like to visit my site at http://www.HomeLoanPreservation.com/TimothyGeorge for more information please do. I would be happy to answer any of your questions regardless on how you may proceed.

  2. Reply
    mister ed
    February 2, 2011 at 1:59 pm

    yes safe and in this day and age very smart!!!

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