If I’m trying to get my bank to readjust my mortgage but they refuse saying I make too much money and it’s not true, is there anything I can do?

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If I’m trying to get my bank to readjust my mortgage but they refuse saying I make too much money and it’s not true, is there anything I can do?

Asked on December 29, 2011 under Real Estate Law, Georgia

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 10 years ago | Contributor

If your lender on the loan secured by your real property refuses to voluntarily to adjust the interest rate on the loan or reduce the principal amount due on your loan, there really is nothing else that you can do to change the circumstances other than to refinance the loan presently in place.

The problem arising on a refinance is if the loan is more than what the security for the loan is worth. In such a situation you will not be able to get a loan unless the amount of the loan that you want to refinance is reduced by additional money placed by you in escrow so as to get a smaller loan on the refinance.


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