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Answers (4)
Best Answer
- Linda Rozales, "Lrozales"
- Contributions:245
There is no harm in checking with your lender. There is what you call a short-refinance that will reduce the principal balance but there are guidelines that you have to qualify for.
- David Stein, "Military Loan Expert"
- Contributions:315
Yes you should call your lender and ask? That never will hurt and the worst thing they can say is no.
- wetdawgs
- Contributions:26854
No, lenders do not adjust mortgages just because the value dropped.
What are your choices?
a. Continue paying and enjoy your home.
b. If you can demonstrate hardship to the lender, perhaps you'd qualify for a short sale.
c. Foreclosure.
Making the lender eat the difference has substantial credit ramifications
What are your choices?
a. Continue paying and enjoy your home.
b. If you can demonstrate hardship to the lender, perhaps you'd qualify for a short sale.
c. Foreclosure.
Making the lender eat the difference has substantial credit ramifications
Why should the lender adjust the loan amount because your value dropped? They already modified your loan which is more than most get; that was not enough? Maybe you would like them to actually make the payment for you too.
I bought an SUV last year and it's not worth what I owe on it anymore and I doubt very seriously anyone will be modifying my loan amount.
I bought an SUV last year and it's not worth what I owe on it anymore and I doubt very seriously anyone will be modifying my loan amount.
my mortgage balance is 50%higher than the current value, can the lender adjust/modify this?
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