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motrgage modification or forgiveness

motrgage modification or forgiveness

I haven't paid my mortgage in 36 month my mortgage co. Chase is working a modification but the person that is doing it let me know that the money that I owed will be put at the end of the mortgage this will mean that the house that I bought originally for 68K now owes 50k will have to pay 75k but the house is only worth 25k What should I do ? How can I negotiate a mortgage forgiveness?


guillermorosa's picture
guillermorosa
21-12-2011

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Welcome guillermorosa, It is true that the lender won't forgive the amount that you haven't paid to him for the last 36 months. The lender will add it to your loan and give you a repayment plan under loan modification depending upon that whole amount. You may request for a principal reduction to your lender as a part of your loan modification but it will be the lender's discretion whether or not he will be ready to reduce the principal amount.

adonis | Asked on 2011-12-21

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