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Can we refinance at a lower rate and reduce our payments?

February 27, 2007

Tennessee foreclosure

This is an actual comment for a client:


”We would like to keep our home, but can not meet our mortgage payment at the current rate. Can we refinance at a lower, fixed rate and reduce our monthly payment and defer back payments to end of loan?


To get the payments to at the end of the loan would be what's called a loan modification. Sometimes in a loan modification we can actually redo the loan and get to a fixed rate. I can't guarantee we can do this in every situation but we have successful at getting this done.

This entry was:
Posted By Darin at 04:28 PM
Comments (2) | Categories: Select Portfolio, Tennessee Foreclosure | Tags: refinance lower rate select portfolio tennessee
 

Comments

I applied for a loan modifications and havent heard anything yet. This is getting very serious for us, and need this ,matter resolved soon. I am at work and do not have my loan # with me. Can you please look me up by my name and email me some news. Other companies are re-instating peoples loans to their original amount before it adjusted. This is a good idea. It would save people from losing their homes. To you I know it is just a piece of property, but to us the homeowners, it is a place to keep our kids safe and warm. Paying for that luxury is not a problem. It's the getting "taken of advantage of" that really hurts. I think these shady brokers that talked people into these subprime loans should somehow be held accountable. But you can help to right a wrong, like other companies have done.
Posted By DENICE SISCO on November 21, 2007 at 05:11 PM
we have a 2nd mortgage on an investment property with sps servicing. we want to negotiate a lesser amount and payoff the balance. Otherwise, we will say we are no longer paying and they will be stiffed in a short sale. any suggestions?
Posted By steve on November 12, 2008 at 10:02 AM

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