No fancy feat here, I just sent them a letter, and they immediately sent her back a form letter with the new rate offer... a savings of about $950/mo. just because we asked.
No fighting, no haggling and no negotiation. Just a simple letter.
Now this may have something to do with the fact that she is a couple of months in arrears, but it might be worth it to take a ding to your credit report to save $12k annually.
Anyone else have any luck with "workouts" with other lenders?
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OP is a know realtor / investor who likes pumping up RE news. This might be one of his fake posting. Indymac is a pile of crap and they would never stab themselves.
I love the suggestion of dinging your credit as a negotiating tactic to get a lower rate. Forget the fact that these idiots who took out these loans don't have to accept any responsibility for this mess. I realize that there was some predatory lending going on, but the lenders are now paying the price for their loose writing standards and predatory tactics. There will be some big time changes and I don't think you'll see these institutions making the same types of mistakes again. But, let's just let the government and all the other people who are responsible enough to not over extend themselves bail out all of the idiot homeowners. No consequences at all for their actions. Where's the incentive to not do this again??
Sorry for the rant. I just think the suggestion of making late payments to get a better mortgage rate is absurd.
mnsweeps said:OP is a know realtor / investor who likes pumping up RE news. This might be one of his fake posting. Indymac is a pile of crap and they would never stab themselves.If I post a scan of the letter will you admit what I've known all along... that you're a worthless poster and know exactly nothing about real estate?
You willing to stand behind your words or are you a coward? <----- [rhetorical question]
If you put your credibility on the line and offer an apology if I'm right... I'll post it within 24 hours.
Of course I'll blot out the personal details... because you and your cyberstalker buddies will likely try to track me down again out of jealousy.
borisr said:What were the original terms? Is this a temporary modification (1,3,5 years) or for the entire term of the loan (30 yrs)full refi, 30 year fixed 5.75%. they're even rolling in some other monies that the bank paid out, that had nothing to do with the loan per se.
Solobear said:I just think the suggestion of making late payments to get a better mortgage rate is absurd.So are you saying that if I offered you $60,000 [est. savings over four years], that you wouldn't take a FICO hit of 40 points?
It has nothing to do with intelligence. I don't agree ethically with what you are proposing. I also think that this attitude is why this country seems to be going down the toilet.
Solobear said:It has nothing to do with intelligence. I don't agree ethically with what you are proposing. I also think that this attitude is why this country seems to be going down the toilet.No, the problem is that your sense of ethics is geared towards being a consumer tool. The bank is making an economic transaction with no coercion. It's people like YOU that make people behave like they're corporate slaves accepting 400% payday loans as ethical... but being late on your payment to a megabank is somehow unethical.
I personally dont see anything wrong with trying to negotiate loan interest rates. I always pay mine on time and only get a 6.25% rate for 15 yrs. I wish it was lower. I personally wont miss a payment to get a lower rate, but if other people feel like doing it, all the power to them. Mortgage companies went out and screwed with people. People were stupid enough to accept, both sides are to blame. Just let them keep fighting each other to death for all i care
This is an indication of a new low this forum has hit when the haters come out and give red to simple suggestion that could save people tons of money. I guess lets stick to $5 burger king coupon deals.
ArbolLoco said:Solobear said:I just think the suggestion of making late payments to get a better mortgage rate is absurd.So are you saying that if I offered you $60,000 [est. savings over four years], that you wouldn't take a FICO hit of 40 points?
I highly doubt being 60 days late on a mortgage payment would only drag your score down 40 points. Unless of course you're starting point is in the 500's. I wouldn't be suprised to see my 780 FICO go to 650 or less after 60 day late dings on all credit bureaus.
kevinkevinkevin said:I like the higher rates because it allows me to deduct more on my taxes. So no, I'm not going to try this.
Um, you should look at what you're willing to pay and then do a cash-out refi so you'll have actual cash for your "higher" payments. What you're doing is just throwing money away.
pj737 said:ArbolLoco said:Solobear said:I just think the suggestion of making late payments to get a better mortgage rate is absurd.So are you saying that if I offered you $60,000 [est. savings over four years], that you wouldn't take a FICO hit of 40 points?
I highly doubt being 60 days late on a mortgage payment would only drag your score down 40 points. Unless of course you're starting point is in the 500's. I wouldn't be suprised to see my 780 FICO go to 650 or less after 60 day late dings on all credit bureaus.well maybe we should try and figure out what the damage is and whether the attendant reduction in score is worth hundreds of thousands of dollars over the lifetime of the loan.
Did some other recent thread (if you believe the OP and his story about a Kuggerand hoarding 'friend') here detail the decline ? Think it was about 300 points or so.
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