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Re-negotiating with SubPrime Lender ?

cadrjr · 2009-06-01 13:56:32

Hi, I foolishly got a subprime mortgage 1.5 years ago. My Mortgage advisor said rates were sure to rise, so I got a 3 year fixed loan - at 8%!. Since then obviously rates have plumetted and my ability to pay has declined with the recession. I presume there are a few others in a similar situation. I would love to hear from…

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01-06-2009 2:56pm

#1

cadrjr

Registered Users Posts: 16 ✭

Join Date: January 2008

Posts: 5

Hi,
I foolishly got a subprime mortgage 1.5 years ago. My Mortgage advisor said rates were sure to rise, so I got a 3 year fixed loan - at 8%!. Since then obviously rates have plumetted and my ability to pay has declined with the recession.

I presume there are a few others in a similar situation. I would love to hear from anyone who has had any success in getting a rate redution in recent times from a sub-prime lender. My logic is that it would be better for me to successfully continue to pay a lesser repayment rather than default - with all that that entails.

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