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I have a $200,000 loan ($196k balance) on a property in Fort Lauderdale, FL now worth about $85-$90. I started a new job and my income will be lower this year, commission only. I have cash and can (and will) continue to make my mortgage payment. I've never been late. My credit score has gone up considerably from when I qualified for this 100% financing, sub-prime mortgage at 8.25%.
I called today to explain my situation and ask that they lower my interest rate. (I didn't think a principal reduction was realistic). The customer service said, "No problem, we'll send out a loan modification checklist right away."
I'd love to see my interest rate drop to 5.5 or 6% which would be a huge annual savings. Am I getting my hopes up? Is the packet coming in the mail going to be a big run around?
I've heard people say they will only reduce your interest/principal if it means you will again be able to make payment (and have a few hundred left over) but previously were unable too or if you are behind on your mortgage. Neither are really the case - I will be able to make my current payment and have never been behind.
Is there hope? Any tips?