How can we get the bank to waive our late fees?

We asked the bank to meet us half way so that we can lower the price of our home since we are trying to sell. They said they would waive 40 bucks, that was a smack in the face when most of our neighbors have been foreclosed. We have been loyal for 13 years but after that insult we feel like people were justified with foreclosing. The banks were bailed out, we are just asking to waive late fees not anything on the mortgage.

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Answered by Ted Rood, Mortgage BrokerPRO+ in Maryland Heights, MO
It's tough/impossible to answer this question without knowing far more about your situation, including the payment history, who the servicer is, how late you were and how often, and whether you communicated with them during the months you were late. Sounds like there's no question that you missed the 15 day grace period (presumably quite a few times), and late fees at that point are automatic, rather than discretionary. You COULD ask the lender about doing a short sale, where they accept a sales price for less than you owe, but if you were to do that, you would be unable to purchase another home for at least 2 years, and would have a substantial negative item on your credit report for 7 years. Don't know how much you're talking about in total late fees, but I'd think long and hard before giving up the home to foreclosure or doing a short sale as these last resorts have long term consequences many homeowners don't always consider. Hope that helps, Ted | 08.06.15 @ 20:39
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$commenter.renderDisplayableName() — {comment} | 12.11.16 @ 00:18
Answered by David Skow, Mortgage BrokerPRO+ in Seattle , WA
What is the amount of the late fees ? How many months were you late? Were you ever over 30 days late ? When was the last time you were late? Is loan current now ? | 08.11.15 @ 22:52
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$commenter.renderDisplayableName() — {comment} | 12.11.16 @ 00:18
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Ted Rood
Ted Rood, Mortgage BrokerPRO+ in Maryland Heights, MO

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