Points for trying: homeowner tries to get adjusted mortgage loan

Points for trying: homeowner tries to get adjusted mortgage loan

foreclosure1According to Holden Lewis of Bankrate.com’s Mortgage Matters site, a homeowner recently asked his lender to modify his loan to a lower rate.

The bank declined.

Why?

The homeowner wasn’t behind in his loan payments. Never had been. In fact:

The lender gave “$498,000 to someone buying a $627,000 home. For 3½ years, the borrower has been paying every month on the 10-year, interest-only ARM. The monthly payments evidently are affordable because the borrower has never been late, and the payments won’t change for another 6½ years.

What incentive would a bank have to modify the loan? None. So it said, thanks but we’ll let you keep paying the amount we agreed upon.

As Holden points out, a deal’s a deal, right?

Related posts:

  1. Mortgage Bankers Association (MBA) walking away from its mortgage loan?
  2. Will there be big changes in US mortgage loan interest tax deductions?
  3. Should lenders modify loan balances to keep people from foreclosures?
  4. New FHA mortgage loan requirements revised, less stringent
  5. Don’t count on the homebuyers’ tax credit program to be extended
1 Star2 Stars3 Stars4 Stars5 Stars (No Ratings Yet)
Loading ... Loading ...