I know of a site 321 Foreclosure that I definitely think can help you. The link is in my cited sources but they offer payments for loans you can afford. They can also re-negotiate your current mortgage. This is the perfect site for someone like you in a ditch that needs help getting out.

Yes, it’s called refinancing.

Just because you are in debt with a GREAT fixed rate, doesn’t mean that the back should or would cut the rate.

I have a 6.25% 30 year rate and would “LIKE” a lower rate, but I would need to spend about 1000 to refinance. Why should I have to pay and you just get a rate cut because you have managed your finances poorly.

ALSO. the government does NOT set rates, the market does. And the current 30 year fixed rate is around 5.5%

I think a loan modification would be your best bet in this situation. Refinancing would cost a lot in the end with the closing cost and commissions to the loan officer. I’ve done a couple loan modifications and the people are usually in a much better situation afterward but there are never any guarantees. I suggest you go to someone experienced in loan modifications and goes through an attorney because they’ll be a lot more qualified to negotiate with the lender. As long as you have a decent cash flow going and your showing a real effort to try to stay in your home. One last thing is that loan modifications are only available for people in hardship meaning you have to be behind at least one payment. But for sure consult a professional before you take any action.

I can tell you now, unless you pay for refinancing you won’t get them to lower it any lower than it is now.

Millions of people have “job” situations and overextend themselves. One of you can take out a second job for awhile to lower your debt.

Banks make money by refinancing…they are not going to do it for free and I really wished the news would stop mis-informing the public as if it’s as simple as making a phone call.

It’s very, very rare.

SURE, you can try. Your lender doesn’t have to do anything, and may or may not be willing to do so. If you have good payment rate and decent credit, you have better chance of succeeding. Talk to more than one person at lender. And I agree in your situation you want a Loan Modification, changing only the interest rate. Probably won’t get the lowest available rate today, but may be able to reduce your interest rate. They want to know that you can afford to keep current after modification, and avoid foreclosure, or they have no incentive to do this.

You will not get the federal rate, that is for the banks, not the consumers. 6.25 is pretty good right now for a jumbo loan, but regardless they are not likely to go below 6 and when you take closing costs into consideration it may not be a good idea to change your loan at this time.

If you could offer to pay down the principle by say 20% YOU MIGHT HAVE LEVERAGE TO NEGOTIATE.

I do not see any leverage you have to negotiate with. Your strained financial situation would just worsen your bargaining position as it worsens your credit rating.

The only leverage you appear to have is a threat to stop paying and go into foreclosure, which might hurt you more than it hurts the bank. So negotiation room is cramped.

Sure, you can try call the bank or your mortgage company and see and if you want there are some companies out there that will help you sue the bank for a lower rate if your house was sold or refinanced at a high rate than what it’s worth in the market now. Good luck

Yes, banks are usually willing to negotiate. They would rather receive lower payments that have to foreclose on a house.