Whats the best way to modify my mortgage interest rate?

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I bought my home about 2 years ago at 7.125%. I had (and still have) excellent credit, but the reason my rate was high is because I went with a stated, no doc loan. That means I didn’t show any tax returns to get my loan (they just needed my ID, bank statements, assets, and credit check). Nowadays, stated and no doc loans do not exist anymore (for good reason). It’s so tempting to refinance now with the rates being so low. But, I can’t. There’s lots of banks offering hardship programs now that will lower/modify your interest rate without refinancing (and I am experiencing some hardship due to the economy), but I would like to know if there are any other options. The bank is Citibank. Does anyone else have this same issue? Should I hire an attorney who specializes in loan modifications? If so, what should I look out for? Thanks in advance.
I forgot to mention that I did apply for the hardship assistance program that my bank is offering, but I was rejected because I was not in enough financial trouble. The rep even hinted that I should pay my next mortgage payment a week late to make it seem like I’m having problems. I really dont want to do that. I just want to lower my rate a little bit and have some extra money to save each month. Thats it.
Ok, I can’t refinance based on their requirements, thats the whole point of my question. I want to modify my loan. Refinancing is not an option. If ya don’t have an answer, then moooove along. Thanks!

3 Comments
  1. Reply
    General Custer
    April 29, 2011 at 11:45 pm

    An amendment can be created with a replacement note.

  2. Reply
    wisegirl74
    April 30, 2011 at 12:44 am

    You have to refinance your home loan.

  3. Reply
    Help Is Here!
    April 30, 2011 at 1:01 am

    Can you not refinance because of your tax returns? Because on your tax returns it will show you make a lot less than what you were stating 2 years ago? If that is the case, I can see why you can’t just do the straight up refi like normal everyday folk. ( I am self employed and really had to jump through hoops to get a loan last November )

    If you do go the lawyer or modification company route, make sure they do not charge you an up front loan fee. That is a sure sign of a scam.

    The only way you will probably get to modify your loan is by doing what you don’t want to do: get behind on your mortgage.

    What exactly are the requirements you cannot meet to refi?

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