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With all the foreclosures going on now....


Flippy
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Hypothetically speaking....if you called your mortgage company and told them you were planning on foreclosing unless they would be willing to lower your interest rate by 1 or 2 interest points. My first guess is that they would probably tell you there is nothing they can do with your fixed interest rate and you should try to re-finance at a lower rate. I assume this would be the only answer you would get?

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Donnooo--why don't you call and let us know what they say?

We've got a few things from our lender in the past year.... they

actually sent them via Fedx...anyway, it's an offer from Citimortgage to refi at a lower rate. Been here 13 years, and I just thought it was werid.

(and to me not worth it to do so, as by the time I had paid down to where I am now, probably about 3 years worth of cash...hopefully I will have sold anyway)

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Well, depends on the situation. Many of the more recent loans have been sold into pools of loans, packaged, and then sold. The servicer DOES NOT own the loan. When the interest rate on the loan is lowered, the value of the loan to the investor is reduced substantially. So, your servicer may not have authority to change the terms on a loan because the investor bought a certain rate of income that can't be altered.

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Well, depends on the situation. Many of the more recent loans have been sold into pools of loans, packaged, and then sold. The servicer DOES NOT own the loan. When the interest rate on the loan is lowered, the value of the loan to the investor is reduced substantially. So, your servicer may not have authority to change the terms on a loan because the investor bought a certain rate of income that can't be altered.

I agree with this...the company is just servicing your loan...basically doing all the labor...but the bank holds your mortgage...so you would have to deal with the actual bank.

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