I own a rental property that is now ';under water';. It has an adjustable rate mortgage. How do I change to fixe

What steps should I take to get the lender to change it to a fixed rate mortgage with a lower payment?I own a rental property that is now ';under water';. It has an adjustable rate mortgage. How do I change to fixe
The lender is under no obligation to modify your current loan. However, if there's no pre-payment penalty, there's nothing stopping you from simply refinancing, paying off the current loan with a new fixed rate loan. The problem, of course, is that you'd need to pay down the loan enough to get it to a level where you could get a new loan.





If you want to negotiate with your current lender, you'll have to convince them that it's in their best interest to do so. Be prepared to give them full documentation of your financials. They might offer a short sale option or deed in lieu of, in which case they'll simply take the property back in exchange for forgiving the loan. You need to convince them that modifying their loan will end up costing them the least amount of money - it can be a tough proposition to support. Good luck.I own a rental property that is now ';under water';. It has an adjustable rate mortgage. How do I change to fixe
just go to any lender you feel comfortable with and refinance your loan for fixed rate- i don't know your current interest rate, but refinancing doe's not mean- lower you payment. if the current rate will be lower then the rate you have on yours arm- you may have lower payment.
If that lender won't just go to another lender.
You can get free mortgage rate quotes from http://www.lionwoods.com





Just type in your zipcode, and then it lets you compare rates from up to four different lenders. Then you can find who offers the lowest rates in your area. Hope that helps. Good luck.
Welcome to a unilater contract.


the biggest reason for foreclosures


in the market today; you don't get


to choose, the lender does.


THAT sucks.





seek another lender with a lower ARM


and very specific annual steps


that you agree to. NOT those


5% a year deals, but 1/2 of 1 % a


year.





the lenders and brokers who slipped those into contracts are


bringing down entire industries.





For now, also, ask to make


payments 2x a mo, which


will drop your principle enough


to cause the entire mortgage to


be paid off in 23 yrs, not 30.





also, try to pay extra monthly.





separately.





The odd thing is, in 5+ yrs, many of these houses and other props will be back up to what they JUMPED To prematurely.





meaning, if speculators make real estate property's value jump


DISPROPORTIONATELY to their


cost to rebuild, then they will


slump back down and again,


rise to the ';more normal value.';





So, keep paying and in a few years


you will be earning a profit.


IT will be worth it.