Help how to ask Lender to modified loan terms?

Posted on May 16, 2025 in FHA Information

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Question by QA Expert: Help how to ask Lender to modified loan terms?
I am in financial diffulty and need help on how to ask lender to change the terms to a more affordable monthly payment without increasing principle balance. Currently pay uptodate, this site no late payment. I’m in california. My lender is Countrywide.
If not, I will go to foreclosure.

Best answer:

Answer by Shawna Marie
If your financial difficulty was caused by a true hardship (loss of job, spouse dies, disability), then the lender might work with you on a hardship program. If not, they can re-write your loan, for LOW costs, but it won’t be no cost. It’s called a stream-line refinance, which Countrywide offers. You need to call Countrywide and speak to a loan rep and ask them about it. In most cases they don’t even require an appraisal. Make sure you do it before you fall behind in your payments. CALL THEM RIGHT NOW!!

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One Comment

  1. godged February 20, 2013

    Just ask. Countrywide isn’t in a position to start being picky. But you are not a position to start dictating terms either, so you may have to be flexible on that “without increasing principal” part.

    If they won’t do it, see if you can refinance elsewhere with terms you can handle.

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