Debt Negotiation Zone » loan modification department http://debtnegotiationzone.com Debt Negotiation Fri, 19 Aug 2011 22:59:35 +0000 en hourly 1 http://wordpress.org/?v=3.2.1 How To Negotiate With Your Bank For A Better Mortgage Rate http://debtnegotiationzone.com/how-to-negotiate-with-your-bank-for-a-better-mortgage-rate/ http://debtnegotiationzone.com/how-to-negotiate-with-your-bank-for-a-better-mortgage-rate/#comments Fri, 12 Dec 2008 05:21:03 +0000 admin http://debtnegotiationzone.com/?p=453 How To Negotiate With Your Bank For A Better Mortgage Rate.  If you are having a hard time making your mortgage payment, your bank may be willing to renegotiate new loan terms with you.  Through the loan modification process you can actually get a new interest rate, lower principal amount or even a forbearance agreement.  Most lenders including Bank of America, Chase, IndyMac, Wamu, Washington Mutual and Wells Fargo have dedicated departments set up just to help borrowers and homeowners work out new mortgage terms so they can stay in their home.  You can either go online or call your bank to ask for the loan modification or loss mitigation department to get started.

How Do I Get Started On A Loan Modification?

If you are in trouble with your mortgage don’t wait.  Call your bank as soon as you can to see if they will do a loan modification for you.  You must have an income.  You need to be able to demonstrate that you will be able to even afford the new payment.  If not they wont work with you and you will probably end up in foreclosure if you can’t get the property sold.

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