29 May Can I Renegotiate My Mortgage With My Lender?
One of the questions I hear most often is whether a homeowner who is having trouble making payments on their mortgage can negotiate with the lender, even if the property is in foreclosure litigation. After all, the homeowner reasons, since they have not been making payments and their credit report has taken a major hit, no lender would want to have a risky mortgage on its hands.
However, while it is not likely that a new lender would provide a refinance out of a troubled mortgage that is in foreclosure, all hope is not lost. The fact is, most lenders will consider a mortgage modification, either in accordance with federal guidelines or under the lender’s own modification guidelines, in an effort to keep a distressed property off their books.
Better yet, at Schillberg Law, LLC we have found that vigorously defending the foreclosure action in court while, at the same time, attempting to negotiate a mortgage modification, is often an effective strategy in obtaining a mortgage modification that is in the best interests of the client.
In our next post, we will discuss litigation strategies that might assist in obtaining a mortgage modification.
Don’t just sit there; fight the good fight!