Has anyone had any luck getting their lender to renegotiate the loan terms in exchange for not defaulting? I
am thinking of calling the lender and basically telling them that either they renegotiate or we may have to default. We have a condo in CB which is an investment property. Like a lot of folks we owe more than it is probably worth right now.
Hi Kerry,
Another option to avoid foreclosure is to short sale the property. Lenders are now more willing than ever to accept less than the amount owed on the loan and mark your credit 'Settled for amount less than owed' and sometimes in 'Paid in full' depending on the situation.
Please visit my website for more information on the process at http://www.CarolinaBeachShortSales.com
Feel free to call me with any questions with no obligation at 910.619.4295.
Best regards,
David Fann, Broker/REALTOR
http://www.DavidFann.com
I know a couple people who were able to get their term extended to 40yrs. Which can still lower your monthly payment. If your lender won't help you & you have a residential mortgage, call the Fannie Mae office closest to where you send your mortgage payment. You can find the office numbers online & tell them your lender is not helping you & you need to adjust your mortgage. They may say you need to meet certain criteria to be eligible to do this, so it just takes some reserch....hope that helps........Chris
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