According 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?
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- Private mortgage insurance comes back in fashion as alternative to FHA loans
- Mass. mortgage loan closing costs almost average of nation’s
- Financial overhaul bill close to becoming law; mortgage loan process changes
- Will there be big changes in US mortgage loan interest tax deductions?
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