Quote:
Originally Posted by ronnieron
I'm not looking for a handout. But when your paying 2,200 a month on a house that she could now dump, and I could go get a new loan for the same house for about 1,200 a month? I could do this, but we are trying to work with the bank and come up with a solution but they arent willing to do anything.
we are going to stop making payments and see if their bank is willing to change their tune, if they want to take the house back at a 100,000 dollar loss, fine by me, put i refuse to pay 2,200 dollars in intrest a month. I understand these banks are a buisness and they have to make money, but I'm not jepordizing my family's future to increase their bottom line.
Funny this is my lender is Indy Mac bank one of the banks that got a bailout and is now controlled by the FDIC.
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Most lenders will not even have the discussion with you until you are in forclosure. You can try getting through to the department that handles this but that may even be a hassel.
If you think that preditory lending was involved, your best bet would be an attorney.
Typically, one of the most common and easiest modifications is when they take the missed payments, tack them on the end of the loan, charge approximately one mort. payment as a fee and you all move on with the same payment/rate etc. Modificaiton into different loan terms is a little more tricky but you may see some relief soon come out of Washington.