How to Negotiate a Mortgage Modification Offer Letter
- 1). Review the loan modification letter you received from your lender. Consider the merits of the offer and whether the terms will improve your ability to afford the house.
- 2). Identify benefits that your lender has proposed, such as a lower monthly mortgage payment, a reduced interest rate or a principal balance reduction.
- 3). Make notes about terms within the loan modification letter that appear undesirable. List your reasons for disputing the mortgage modification offer.
- 4). Reply in writing to your lender with a letter that provides the terms you want to achieve. Explain your reason for declining the lender's offer. Request a re-evaluation of your current financial situation and the value of your house. Provide documentation that supports your claim, such as updated income information and recent sales data for properties that compare to your house.
