Has anyone ever renogotiated their mortgage loan terms without refinancing?

Question by chazmataz: Has anyone ever renogotiated their mortgage loan terms without refinancing?
I am currently behind on my mortgage and my options are to sell the house for less than I owe, foreclose or as someone suggested negotiate my loan terms with my lender. Who would I talk to do renegotiate as that would be my preferrence? I think if they would drop the rate for me I would be able to make my payment and save myself and the bank money by avoiding foreclosure. I just don’t know who to talk to and how to convince them that this is the best way to do it. I can prove to them that I’m upside down and houses are sitting in the market for 6 months or more. The customer service reps won’t help me because they are just trained to collect and I can’t pay them.

Best answer:

Answer by Yanswersmonitorsarenazis
Contact your lender again. Ask for their loss mitigation department. Then ask for a supervisor.

Know better? Leave your own answer in the comments!