Posted on: 11th Sep, 2009 09:30 am
I have purchased a one bedroom unit in Downtown Miami, where I am currently living for 170K at the end of 2007. My apartment today has a market value of 95K and I am currently employed and current with my Bank of America mortgage.
What would be my options in order for the bank to negotiate a principal adjustment for the apartment?
Thanks in advance.
What would be my options in order for the bank to negotiate a principal adjustment for the apartment?
Thanks in advance.
You need to call the bank and show them if you have any financial hardship.
That is one of the best options to atleast get the loan modification. That does nto mean that they will adjust your principal, only thign thign can happen is they lower your interest
That is one of the best options to atleast get the loan modification. That does nto mean that they will adjust your principal, only thign thign can happen is they lower your interest
from loan modification you will able to solve your problem. you will get additional loan
In order to show financial hardship do I need to stop making payments?
What would be the best way to negotiate in a situation like this?
How badly my credit score would get if I stopped making payments for let's say three months?
What would be the best way to negotiate in a situation like this?
How badly my credit score would get if I stopped making payments for let's say three months?
no stoppeing the payment would not help you. need to prepare one hardship letter & discuss it with lender