A friend has a mortgage on a house that is a fixed rate.She lost her job several weeks ago and wishes to ask the bank to lower monthly payments until the house is sold. Realtor said sale should take about six months.
What is the process of getting the bank to lower payments?
2007-08-29 05:40:20 · 6 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
Unless the loan was not sold on the secondary market or is an FHA loan, there is no way a bank can negotiate lower payments because they have to pay the investor according to the terms on the note.
If it is a portfolio loan the bank has control and may be able to assist. If it is an FHA loan have her ask about a HUD Assignement wherein the bank assigns the loan to FHA which takes it out of the Bank's control and reporting responsibility and the FHA works directly with the borrower.
2007-08-29 05:47:57 · answer #1 · answered by Anonymous · 2⤊ 1⤋
Contact the mortgage company and see what they can do. I doubt you are going to get anywhere but they might be willing to do something as long as you pay the interest. Remember though the interest is the biggest chunk of the payment in the first part of the loan.
2007-08-29 05:47:13 · answer #2 · answered by Tim 7 · 0⤊ 0⤋
She could call them but it will not do any good, they want the money as signed on the contract. In todays market 6 months? If she financed 100% she owes more that the house is worth and not much chance at that. Market is glutted, credit is tight, and it is only going to get worse.
2007-08-29 10:36:13 · answer #3 · answered by Pengy 7 · 0⤊ 0⤋
Each bank is different. Get on the phone. Good Luck.
2007-08-29 06:22:04 · answer #4 · answered by ? 4 · 0⤊ 0⤋
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2007-09-01 20:53:50 · answer #5 · answered by Anonymous · 0⤊ 0⤋
don't know
2007-08-29 05:47:26 · answer #6 · answered by rajesh p 2 · 0⤊ 1⤋