Posted on: 11th May, 2010 10:14 am
Are there any programs available which provide for a modification with a write down of principal We have a 1st mortgage and a home equity which total approx. $140,000 and the property is assessed at only $65,000. Both loans are current but I just lost my job, husband is still employed. Is there hopehelp out there? is there Federal moneyinterventio? How do we find it?... Looking for Federal Assistance in mortgage & home equity balance which are far greater than home's value. One of parties has just become unemployed
Hi hcb,
You can apply for a mortgage modification with your lender. However, in most cases, the lender will accept your request for a loan modification only when you are delinquent on your mortgage payments. Principle reduction is available in a modification but it will be completely the lender's discretion whether or not he will accept it. You should contact your lender and negotiate for a principle reduction.
Thanks
You can apply for a mortgage modification with your lender. However, in most cases, the lender will accept your request for a loan modification only when you are delinquent on your mortgage payments. Principle reduction is available in a modification but it will be completely the lender's discretion whether or not he will accept it. You should contact your lender and negotiate for a principle reduction.
Thanks