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Kelly Said:

will a bank lower your interest rate or refinance your mortgage if you tell them that you can no longer pay?

We Answered:

They may allow you to short sale the property. You need to prove that you can't make the payments in order to do this.

You can always apply to refinance.

And no, they can't just up and break the contract and lower your interest rate. You have to refinance in order to so that, signing new documents.