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What is Mortgage Renegotiation?

April 26, 2017mortgage renegotiation

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What is Mortgage Renegotiation?

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A. A Renegotiation is a permanent change in one or more of the terms of a mortgagor’s loan, allows the loan to be reinstated, and results in a payment the mortgagor can afford. A renegotiation is an agreement that is negotiated with your lender that changes the terms of your loan. Convincing a lender to a renegotiation is not easy. You must document the reason why it is in the lender’s best interest to modify your current loan. Renegotiation examples are a reduction in the loans principle balance at a reduced interest rate, an increase in the loan period from 30 to 40 years, a rollback in an adjustable loan to the initial interest rate, or any other change of terms to reduce the monthly payment. The sole purpose of a renegotiation is to enable the borrower to meet the terms of the new loan for the foreseeable future. Contact us now at 1-800-590-8527 and a Loss Mitigation Consultant will help you get started.