How to Negotiate a Loan Modification

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

loan modification

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.

Singapore: A Wealth of Unknown Opportunity

Singapore has always been a hub of airport activity. Business traffic flows in an out of the city daily, but if you take the time to look beyond the climbing skyscrapers and crowded airlines you will be pleased to find a flourishing locale that is perfect for your next getaway. Singapore is no longer just a stopover city. It is now a city begging for your time and attention because it is full of everything you could want in a dream destination.


Hotels are nothing less than luxury. With the business world being the city’s building block toward success, overnight accommodations were designed for comfort and to impress the professionals passing through. This benefit now falls onto tourists staying in Singapore and allows guests to enjoy their trip even while sleeping.

Shopping is world class and cultural. You can enjoy a day in some of the world’s finest boutiques, shopping for the best of everything from shoes to jewelry to clothes to electronics. Or you can also spend the day scouring the streets for local favorites and custom pieces that will immerse you in the local community. Do both and you can leave with high fashion alongside handmade.

Also add local cuisine to the day’s agenda to further fall in love with this city. You will find everything you could want on the Singapore menu every day. The cultural background in Singapore is varied and diverse which gives its food the same wide-ranging flavor. You will find dishes from all over the Asian world here which gives you a unique opportunity to try new tastes that you might not find anywhere else. You can dine in world class eateries with professional chefs on hand or you can seek out a local market for true Singaporean magic on your plate.