Those who did rate modifications on your home...

MrsJerseyJets

A post below got me thinking...those that did a rate modification on their home, is it the same as a loan modification or different?  We have excellent credit, never late or missed payments, but of course can't refi because we don't meet some of the other requirements.  

Just wondering what the process was or what you asked for from your bank.  You can PM me with info if you are more comfortable with that!    I'm just looking for any ideas on how to get our rate lowered without going through a full refi because we don't qualify for it! Thank you in advance for any info you may have!

Traba

We did a rate modification. I am not sure what a loan modification is but our process was super easy. We did it over the phone. It's great because it does not start the loan term over but the rate lowered. They figured out for us that we would save what we paid for it in 16 months. We have a 3.5% rate on a 15 year loan. I know not all banks offer it. We are with TD Bank.

Kristen81603

BofA does not do rate modifications- we have tried- as a matter of fact they barely do any of the programs out there- they suck! 

hookersbabe

our mortgage is with a small local bank. they have a rate modification program. if their current rates are lower than what your mortgage is, you can pay $900 to have your rate lowered.  it doesn't change any other terms of the mortgage, just the rate of interest. 

oct11bride03

Kristen81603:

BofA does not do rate modifications- we have tried- as a matter of fact they barely do any of the prorams out there- they suck! 

Ditto for Citibank. 

It's incredibly frustrating to see people talk about their banks calling them about doing these rate modifications that require hardly any paperwork and let you save hundreds each month when I've been BEGGING Citi to lower my rate for at least 18 months with no results. They say they don't participate and yet I can't refi because my house isn't worth enough.

Yes, I'm incredibly bitter about this. 

MrsJerseyJets

Thank you guys for your input!!!  I keep hearing of banks doing this rate mod and it frustrates me because I don't think mine will do it!    I have Wells Fargo...guess it's time to make a call or stop into a branch and talk to a manager and see what we can do!  It just sucks that we would be (and have always been) perfect customers but because of the economy we get screwed.  Grrr!

Kristen81603

oct11bride03:

Kristen81603:

BofA does not do rate modifications- we have tried- as a matter of fact they barely do any of the prorams out there- they suck! 

Ditto for Citibank. 

It's incredibly frustrating to see people talk about their banks calling them about doing these rate modifications that require hardly any paperwork and let you save hundreds each month when I've been BEGGING Citi to lower my rate for at least 18 months with no results. They say they don't participate and yet I can't refi because my house isn't worth enough.

Yes, I'm incredibly bitter about this. 

Same here- I am not going to stop paying, I am not short selling, or doing deed in lieu of fore closer etc.. but a simple reduction in my outrageous interest rate would be great. I know they don't have to do it, but come on-  

Kristen81603

oct11bride03:

Kristen81603:

BofA does not do rate modifications- we have tried- as a matter of fact they barely do any of the prorams out there- they suck! 

Ditto for Citibank. 

It's incredibly frustrating to see people talk about their banks calling them about doing these rate modifications that require hardly any paperwork and let you save hundreds each month when I've been BEGGING Citi to lower my rate for at least 18 months with no results. They say they don't participate and yet I can't refi because my house isn't worth enough.

Yes, I'm incredibly bitter about this. 

Same here- I am not going to stop paying, I am not short selling, or doing deed in lieu of fore closer etc.. but a simple reduction in my outrageous interest rate would be great. I know they don't have to do it, but come on-