When Selling Is Not Possible, Maybe Renegotiating will do the Trick
By running the numbers on the value of your home, you may have discovered that there is no way to sell or refinance without bringing money you don’t have to the closing table.
Consider another option. Your lender doesn’t want your house. With the current crop of short sales and foreclosures on the market, lenders are losing significant money. While there are no guarantees and you will have to be persistent, especially if you aren’t late on your payments, give your lender a call and ask to renegotiate.
Can your current rate be extended and the adjustment on your Adjustable Rate Mortgage deferred for a year or two until the market works it’s way through the current crunch?
Are they willing to modify your loan to a fixed rate with limited to no closing costs? After all, they already know your history and you may have been a good customer for years.
This may not be the current time to sell if you owe more on your home than a buyer will pay. When selling isn’t possible and your payment is more than you can handle, working with your lender may result in renegotiating your loan to an affordable payment. You may have to keep calling. Will they renegotiate? It can’t hurt to ask and may save your house.
