Will the bank reduce my interest rate on my loan? Well they just might do that. What you need to do is to see if you’ve made every payment for the past 12 months. If you made all your payments on time and this is on your home loan and you took your loan out before 2009 and it was sold to Freddie Mac or Fannie Mae then you can go to your bank and ask them to modify your interest rate, and they will not require an appraisal or they won’t look at your credit, and you should be able to get your interest rate reduced.
Now if you missed some payments well then there’s another process that you may be able to get a reduction but it’s a lot more time consuming and if you want an interest rate reduction on property that is not your home there’s more expense involved but I urge you that if you have made your payment and you’re looking for some relief, particularly if you owe on your property than what it’s worth and you’re looking for some relief as far as your interest rate is concerned you need to check into that possibility.
You can go online to determine whether or not your own is owned by Freddie Mac or Fannie Mae and, if it is and it was purchased before the date in 2009 and you made your payments then you can contact probably any bank, Sun Trust Bank, Fifth, Third Bank, and they will see about getting you an interest rate reduction.
If you have any questions on mortgage modification, well, give me a call and we’ll be glad to try and head you in the right direction. My phone number is 847-2288. Thank you.