[elbuort]

I have 2 mortgages for each one of them, the bigger mortgage was fixed for 5 years, but now went up, close to $500.00 in each one of the properties, the second mortgages are fixed.
I have talked with my mortgage company to try to combine the 2 mortgages for each property, or lower the interest rate on the first mortgages, but they don't show any interest in helping me, They asked for a bunch of documents, I complied with everything. I mailed overnight all the paper work to them, 2 days later I called to make sure they had received the package, I was told the package was there.

About 3 weeks later I called them asking if they had any news for me, the answer was that they wanted me to send some of the same documents again, once more I complied.

I called 2 weeks later expecting some news, but again I was asked to send yet, more the same documents, finally I gave up, because I was going to nowhere with them.

I don't understand why can't they work with people like me? It would be better for them to work with us, than end up with the properties that they can't sell either.

After all, they were making lots of money on me all these 5 years, because I was paying only interest, just a couple of months ago I started paying the principal.

I just want to know if there is something that I can do to help my situation, I see this becoming a bigger problem every month that goes by.

My only wish is to lower the interest rate on the first mortgages.

Thank you.

[joypulv]

They do it because they are greedy, sleezy, and have many stupid employees. Even 30 years ago I had a bank lose all the paperwork - as rates were about to go up, and I had a deal to lock in the rate at approval rather than application. Another one made up a rule because my last name was the same as someone they had had some fight with. There's no telling what is going on with some of them. Maybe they don't like to see all the people who are making more than they are, on all the income statements they get to see.

As for your lender, they could care less. They have you over a barrel. They aren't interested in 'helping' you just because you could end up in foreclosure; they are happy to collect the higher amounts and not combine and not lower rates because for now, that's more money for them. They will take the risk that you will be foreclosed on.


Rents in many areas of the country are on the rise as more people rent after losing their homes, so all I can say is, check out the market and if it seems that you can raise yours, do so. You could also put one up for sale, since it's spring, just to see what happens.

[ScottGem]

A part of this is the forces of capitalism. Since these are investment properties, there is less of a feeling to protect your investment. The feeling is different when its someone's home that is at risk. When you make an investment you assume a risk.

I know the answer is still that it makes more sense to continue having you own the properties, then having them foreclose, but unfortunately they don't think that way.

There is also an issue of the lenders having a huge backlog of people looking to refinance.