Posted on: 17th Mar, 2011 08:36 pm
has anybody ever heard of a "forgiveness loan" or "forgiveness mortgage"? my new mortgage service provider acquired my mortgage (for pennies on the dollar) and is wanting me to refinance. they are willing to forgive the balance that i am underwater? can any mortgage provider on this site help?
Hi jumphrey!
Welcome to forums!
There can be lenders who can offer you such a loan. However, not all lenders will be ready to offer you this option. It is good for you if your lender offers such a refinance option to you.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
There can be lenders who can offer you such a loan. However, not all lenders will be ready to offer you this option. It is good for you if your lender offers such a refinance option to you.
Feel free to ask if you've further queries.
Sussane
Thanks smithsussane. Do you have any idea of a lender that offers this option? There are so many out there. Going to each one and then finding out they don't have this product or option is time consuming. Anyone know a lender that offers this option?
Hi jumphrey,
It is difficult to say which lenders will offer this option to you. You will have to contact individual lenders and take their opinion in this matter. It will be better if you could contact your existing lender when you look out for this option.
Thanks
It is difficult to say which lenders will offer this option to you. You will have to contact individual lenders and take their opinion in this matter. It will be better if you could contact your existing lender when you look out for this option.
Thanks