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Why can’t mortgage be modified instead of refinanced?

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DEAR BOB: I recently called my bank to have a rate modification on my 30-year mortgage to market level. But I was told they do not do rate modifications on fixed-rate mortgages, only on adjustable-rate mortgages. Is there any way I can lower my mortgage interest rate without paying refinance charges? – William M. DEAR WILLIAM: If your mortgage originator still owned your home loan, a rate modification might have been possible. Lenders don't want to lose good borrowers when interest rates drop. But your mortgage has probably been sold to another lender. Purchase Bob Bruss reports online. I learned this some time ago when I phoned my mortgage lender, Wells Fargo, about a rate modification on my otherwise satisfactory mortgage on which I had a superb on-time payment record. However, I was politely informed that my mortgage had been sold in the secondary mortgage market and Wells Fargo was only servicing it so they couldn't modify the interest rate. The result was I had to go thr...