Question by Muse: Possible to negotiate mortgage rate… without refinancing?
Have one of those ARM nightmare loans. Can’t refi – husband has marks on his credit now. Options?
Answer by SICARIUS
First of all, know this… Each foreclosure costs the bank an average of $ 50,000. That is a hefty bill that the bank will have to fork out. So, in other words, it is in the bank’s best interests to negotiate a deal with you. Maybe you can lower your interest or extend your term, but I am confident they will be willing to work with you.
Worst case scenario, the bank may let you do a short sale for the house you have the mortgage on.
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