This is a great question and the simple answer is yes. However, when it come to negotiating interest rates and settlements for less than the full ballance, it’s all about leverage. And unfortunately if you’re paying on time you don’t have a whole lot of leverage.
Although I am seeing creditors put more and more consumers into balance liquidation programs which reduce interest rates and become term loans instead of installment loans. This is good because installment term loans are paid off in a specific period of time. Watch the video below for more information on modifying other debts besides the mortgage.
