How to Request a Mortgage Rate Adjustment Fixed
- 1). Send your lender a letter explaining why you cannot make your mortgage payments. Also describe a plan for how you can make it work.
- 2). Give your lender a list of your income and expenses. To change your rate, you must prove to your lender that you do have more expenses than income. You may need to cut down on nonessentials or maybe take on another part-time job to show that you are taking steps to solve the problem that got you into trouble.
- 3). Ask the bank for a fixed rate mortgage (a rate that remains constant over time) and possibly an extension on the length of the loan. Banks would rather not foreclose, so they may be willing to work with you.
- 4). Offer a lump sum to pay off a second mortgage. You may try offering a lump-sum payment that is less than what you owe. If the lender accepts it, you will have gotten rid of your second mortgage.
