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second home

how would i go by trying to get a home mod..or maybe even a price or interest reduction on my vacation home or something to do 2 lower my payment. have been holding on for about a year now my credit is not so good with a few late or mispayment
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September 29 2009 - G. L. Garcia
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Answers (1)

Contact your servicing lender.  It is their loan; hence they are the ones who may or may not modify their own terms in agreement with you, presently.  The "not so good" credit simply means you have minimal "other" options.  Walking into Lender "B" and showing you are struggling to pay Lender "A" is not a good first impression.  Good luck, but it usually comes down to the lender recognizing a "larger" loss if they were to foreclose on the home versus "modifying the rate" and you keep the potential higher loss.  There are piles of backed up delinquent home loans, but the system in place is attempting to control the flow of repossessions (flood) coming to the market at a given time.  Short answer:  contact your lender.  Stay persistent. 
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September 30 2009
 
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