I lost my job some time ago and I tried to call the Mortgage company if they could help me to reconsider my interest rates and lower down monthly repayment amount.
Surprisingly, they were so rude on the phone and it seemed as if they are waiting for customer to give them a reason for foreclosure !!!
This company is GE MONEY (HONG KONG)....How can they be so unsupportive to their customers??
2007-07-10 03:22:13 · 5 answers · asked by barbarabullock86 1 in Business & Finance ➔ Renting & Real Estate
As someone above said in an answer, you need to get to the right department for a work-out plan. Look on your monthly statement for information about "...if you are having trouble making your payment..." or something in that verbage. You are looking for the Loss Mitigation Department or Loan Modification Department. Keep calling and asking untill you reach the right person.
They will not lower your rate but they will (probably) work out a Loan Modification with you. That means that what you owe and haven't yet paid will be added onto the full balance of the loan. If they do decide to lower your payments temporarily, The amount you owe will still be tacked onto the amount of the loan.
You will want to consider selling the home if 1) you cannot make the payments even with a period of loan modification and 2) the home appraises for more than you owe...possibly you could get some equity out of the home.
They are not in the Foreclosure business (owning real estate) but in the money business. Particularly, now with the number of foreclosures rising, they do nat want another "non-performing" asset on the books as this hurts their ability to get additional money to lend.
They are not obligated to offer you anything BUT do not stop asking until you get to the right department.
Best wishes!
Me2Me2Me3@yahoo.com
2007-07-10 03:57:00 · answer #1 · answered by Anonymous · 1⤊ 0⤋
They aren't going to lower your interest rate - but many companies would at least work with you for awhile to try to get the payments to something you can afford, assuming that you can pay a reasonable amount. There's no call for them to be rude though.
2007-07-10 03:36:42 · answer #2 · answered by Judy 7 · 0⤊ 0⤋
What were you thinking they would do? Take money from their share holders to support you? Your request is unreasonable, no wonder they were rude. You signed a contrat with them already. Find another bank with interest rates that you like or sell the property, but you can't make demands after the fact.
2007-07-10 03:38:31 · answer #3 · answered by Landlord 7 · 0⤊ 0⤋
Most lenders have a "work-out" department or a loss mitigation department that can help. They should be willing to help avoid foreclosure, as most lenders do, and can work with you to devise a plan to get you back on track.
2007-07-10 03:37:22 · answer #4 · answered by Justin 3 · 0⤊ 0⤋
This is 2007.. there is no such this as good customer service anymore. Even people who have good relationships with there lenders get terrible customer service.
2007-07-10 03:25:22 · answer #5 · answered by Anonymous · 0⤊ 0⤋