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Payment
Rate and/or Interest Rate Reduction
With the increase of interest rates on home loans many
homeowners with adjustable rate loans are faced with mortgage
payments they can no longer afford.
Our job is to convince the current lender that it is better
to lower the homeowner's payment by lowering the interest
rate or payment rate by creating a payment plan the borrower
can afford, than to take the home with a foreclosure sale
and lose money on the re-sale. Keep in mind lenders lose
money on bank owned properties as it will sell for less
than market value, and they must pay a commission to a
Realtor; and closing cost plus the cost of holding the
property while they wait for a sale in a market that is
depreciating.
We need to prove to the lender what the maximum payment
is that borrower can afford by constructing a financial
plan for the homeowner that the lender will approve.
Also as the homeowner is often late with their payments,
we need to ask the lender to take the delinquent payments
and put them on the back of the loan.
In some cases, a rate reduction is the only possibility
for a homeowner to retain their home.
Note: Sometimes when we can prove you owe more than the
value of the property and there is a second loan, we can
convince that second lender to take a major reduction off
the balance of the loan. |
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House Payment Rescue 5458 Longley Lane Suite A,
Reno, NV 89511
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Office Phone: 775-824-9002 Cell Phone: Fax: 775-824-9015 |
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Copyright ©
2007 House Payment Rescue |
All rate, payment, and area information are estimates and approximations
only. |
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