Asked by Hopefuels, 54495 • Mon Dec 29, 2008
is self employed contractor and built the home himself and did a fine job but the interest rate reset this past year and he can not afford the higher monthly payment. He has repeatedly tried to negotiate with the lender to keep the payment the same as before for now. They refuse to negotiate. His income took a dive because of the economy in construction but he wants to honor the mortgage until he can sell it. Has been unable to sell it and is behind in payments. They have begun foreclosure. I may not know all the details but why would a lender NOT be willing to do a loan modification if he has repeatedly tried to work with them? He can only deal with the lender by phone as it is the loss mitigation call center for a large lendor. They do not have a local office. Is there something I can tell him or I could get involved to help them consider renegoitating terms?
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