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I own a home in CT. I co signed a mortgage for a home in Florida. The house was 400K, now worth less than 200K. Totally upside down.

What options do I have with the bank to lower the principal?

jerry · Posted: Fri Jan 09, 2009 2:34 am Post subject:

Hi Rob,

I don't think that the bank will easily get ready to reduce the principal amount. If you are already delinquent on your payments, then you can speak to the lender about a loan modification. In this process, the lender will give you an alternate payment plan to pay off the loans. If you can afford to sell off the property, then you can speak to the lender about either a short sale or a deed in lieu.

Thanks,

Jerry

gmakerley · Posted: Sat Jan 10, 2009 10:33 am Post subject:

rob, you need to have a detailed discussion with your lender concerning the situation. you may need to have an advocate for yourself (a lawyer, for example) to plead your case.

you didn't mention delinquency or an attempt to sell, so i'm assuming you simply want to modify the debt. you'll need to discuss this at length with them, and document why you feel it is appropriate.

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