Can "non-late" Mortgage Customers Renegotiate?

[floridacoast]

What is the name of your state (only U.S. law)? Florida

Thank you in adavance for any replies. I realize there are many people, through no fault of their own, have become delinquent with their payments and I certainly hope they get the help they need to keep their homes.

However, what about the countless people, like us, who do their best to make their payments on time but know that they are one injury, illness or layoff away from losing it all? My husband recently lost his job and has had to take a lower paying job elsewhere until other options arise. Fortunately, I am still employed but we both have economized and struggled just to make payments on time.

So, what about people like us? is there anything available to us that will allow us to renegotiate our current loans with our existing mortgage companies? The last time I called my mortgage company they told me i would have to be a delinquent customer (at least 60 days late). That was ridiculous to me. I would need to ruin my credit report just to have a chance of reducing my interest rate & payments? Does not sound fair to me.

Is there anything in the horizon, with the new administration, that will allow current customers to negotiate their terms? Any hope? I have heard interest rates as low as 4% to 4.5% are possible this year.

I have looked into refinancing but the idea of paying so many fees to start a new mortgage (plus, even with very good credit, there is no guarantee it will happen).

Any advice will be welcome. Thank you.

[HUD-1]

You are probably reading the same articles as I am, but starting 3/4/09, there will be standardized Loan Modification procedures put in place. I don't know if it will help you, as I have not seen the nuts and bolts details, but definitely give your servicing lender a call on or after 3/4. There is also a refi provision with those that have loan to value ratios between 80 and 105%...