Why is the bank servicing my private mortgage loan refusing to extend the terms of the loan from 25 years to 40?

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Why is the bank servicing my private mortgage loan refusing to extend the terms of the loan from 25 years to 40?

Anonymous Jan 12, 2017 Business 3 views 3 answers

my mortgage is upside down. I bought the house in 2006 for 485,000. Zillow is estimating the one family house at 388,000 & the balance of the loan is about 580,000. after buying the house i lost my job and wasn't paying the house for about 9 years and entered into foreclosure. I hired a lawyer who scammed me. right before i had a few months before being forced out of my house i did a modification. even thought i was able to get a new modification with a variable rate- 2% for the first 4 years & 3% thereof - am still having a hard time paying the monthly pmt of $3,500. the terms of this modification is for 25 years. I have done two more modifications trying to extend the terms of the loan to have a more affordable monthly pmt. the servicer keeps telling me that my mortgage is privately own by Morgan Stanley and they can't extend the term to more years - they said this is not possible especially because my interest is very low. how true is this?

Bruce Stern · Accepted Answer · 2026-06-15T17:40:21+00:00

It is probably true. You have an option to try to refinance with another lender, but there is no requirement that your current mortgage holder renegotiate the terms.

Jason Sackoor · Accepted Answer · 2026-06-15T17:40:21+00:00

Different investors have different restrictions on how they are able to modify a loan. It's going to be more difficult for you to modify since you've already received a modification which lowered your interest rate. You should see a lawyer who will review your particular situation in depth and come up with options for you.

Barbie Lieber · Accepted Answer · 2026-06-15T17:40:21+00:00

I would greatly recommend that you speak to a very experienced and responsive chapter 13 bankruptcy attorney. It could be that you are making payments on credit card debts or other loans that you would not have to make in a chapter 13. That may give you more disposable income to be able to afford the $3,500 per month. Then, to the extent that you missed any mortgage payments, those arrears can be paid over 60 months. At the end of the chapter 13 bankruptcy case, all of your non-priority debts, like credit card debts and medical debts would be discharged. And unfortunately, yes, it is possible that the lender does not have to modify your loan. That is why a chapter 13 may afford you relief if you have other expenses that are making it harder for you to make the $3500 payment. Best of luck, Barbie D. Lieber

Why is the bank servicing my private mortgage loan refusing to extend the terms of the loan from 25 years to 40?

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