It can be hard to ask your mortgage to modify your loan terms. While it may seem at times as if your lender is playing hardball (and they probably are) remember, they are doing you a favor by even considering a change. No one (not even the federal government) can make them modify your personal loan, so it is in your best interest to negotiate nicely.

That doesn’t mean that you can’t work out a new payment plan.  You just have to learn a few negotiation tips.

Be Proactive

Ask for a flexi loan modification before your home enters the foreclosure process. This saves the lender thousands of dollars in lost revenue and fees; making them more likely to negotiate new terms.

Avoid Confrontation

Instead of fighting your fast cash loan lender throughout the negotiation process, enter into it with the mindset that the two of you are working together to find a win-win solution to your problem.

Control Yourself

Facing your financial situation can be emotional.  Don’t let your pride, your sorrow or even your frustration get in the way.  Keep your emotions in check with every bank representative you speak with.

Put yourself in your personal loan lender’s shoes

Think like a lending company and you just might be able to negotiate a better outcome.  Convince them that their investment is sound; with some adjustments, of course.

Do What It Takes to Make Your Modification Happen

Don’t be afraid to ask your lender what you need to do to get your Singapore payday loan modified; than be willing to do it!  If that means selling your car or giving up your cell phone, than by all means agree!

Some questions you might ask your lender include:

  • What can I do to make this modification work?
  • Do you have any concerns about my request you’d like me to address?
  • What can we do together to complete this modification?

Be Clear

Now is not the time to beat around the bush.  If you want your interest rate lowered to 5%, say so.  If you need a payment under $1,200 a month; tell them!  If there was ever a time to know exactly what you need and communicate it, this is it!

Offer Several Options

Sure, you may want a 2% interest rate, but if you let your lender know you’ll take a 4.9% interest rate; or a term extension as long as your payments are less than $1,500, you’re more likely to get what you want.  Show your lender that you’ve done your homework and know what you want and need by offering them several solutions. A few things you could ask for include:

  • Freezing your current interest rate
  • Lowering your interest rate
  • Increasing the loan term
  • Penalty forgiveness
  • Forgiveness of a portion of the principle of the loan

By following these basic tips, you’ll be in a much better position to negotiate the new loan you both want – and need.

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