Writing down part of a mortgage

srs_5 · Joined: 14 Mar 2008 Posts: 1 1.31 Dollars($)

Are the mortgage companies writing down loans to help customers keep there houses? I went through forebearance last year and the only thing it did was raise my monthly payment. will they write down $30,000 of my $130,000 mortage?

larry · Joined: 27 Jun 2007 Posts: 3328 473.40 Dollars($)

Hi srs,

Welcome to the forum.

I think mortgage companies some time write downs a portion of the due principal if the borrower cannot be able to pay the mortgage. So I think you can request your mortgage company to write down a portion of your remaining principal so that you can be able to pay the monthly payments.

Best of luck,
Larry

Jessica

Hi Srs,

Welcome to our community forums.

Well the Federal Reserve Chairman Ben Bernanke has asked banks and mortgage companies to write down a portion of the principal so that it can reduce the total balance borrowers need to pay. This will help borrowers repay the loan while continuing to stay in their own homes. But I'm not sure as to which bank or company has started implementing it?

If your lender is willing to write down the loan, then that's good news indeed. Smile

So, are you comfortable with paying off the remaining balance?

Regards,

Jessica.

jbarto65 · Joined: 04 Nov 2007 Posts: 626 -0.11 Dollars($)

Jessica makes a good point, hopefully your lender is one of the ones who has agreed to this, what is your lenders name, maybe we can do some research for you and see if they are one of the ones that have agreed to this writing down. I wish you luck and hope that you can get things worked out so that you can stay in your home. Very Happy

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