Considering the condition of the mortgage industry, has anyone tried to negotiate a lower interest rate? Perhaps making a call to one’s mortgage lender notifying them of one’s difficulty making payments. Would the lender be willing to negotiate a lower interest rate to prevent a foreclosure on the apparent FB?
If the lender even accomodates the request would the due diligence include examing the borrower’s assets and appraising the property’s value? I’d like to try this tactic to take advantage of the current climate, but I’m not a FB and I have both equity, liquid assets and I’m not having any difficulties making payments so even a cursory due diligence would confirm I’m able to continue making payments.
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