Posted on: 08th Jul, 2010 10:05 am
I own a condo in CA. I owe total 320,000 (257,000 on first and 62,000 on 2nd). and it's current value is about 130,000. I have two questions.
1) Is anyone aware of a bank actually reducing the principle?
2) What is likely to happen with my second since it seems that no matter what (loan mod, short sale or foreclosure) they are not going to get paid.
1) Is anyone aware of a bank actually reducing the principle?
2) What is likely to happen with my second since it seems that no matter what (loan mod, short sale or foreclosure) they are not going to get paid.
Hi mtruax,
Your query has been answered in the given page:
http://www.mortgagefit.com/problems/modification-deedinlieu-risk.html
Take a look at it. Hope it helps you.
Thanks,
Jerry
Your query has been answered in the given page:
http://www.mortgagefit.com/problems/modification-deedinlieu-risk.html
Take a look at it. Hope it helps you.
Thanks,
Jerry