How do I use the Mortgage Forgiveness Debt Relief Act of 2007 to negotiate a fix loan on my 1st and 2nd mtg?
Friday, January 9th, 2009
Lil’Hern asked:
My first mortgage is with Aurora Loan services for $355,200 @ 6.875 5 year fixed 2nd mortgage at $88,800 with Washington mutual @ 13% 30 year due in 15 Balloon. I cannot refinance since my value has dropped around $20,000 is there any law that would allow me to renegotiate this with my lenders? I still have 3 years left but I rather do this now and take advantage of the relief act. I am not in default and want to avoid being in default when negotiating any tips you guys could give me? Thanks!
Travis
My first mortgage is with Aurora Loan services for $355,200 @ 6.875 5 year fixed 2nd mortgage at $88,800 with Washington mutual @ 13% 30 year due in 15 Balloon. I cannot refinance since my value has dropped around $20,000 is there any law that would allow me to renegotiate this with my lenders? I still have 3 years left but I rather do this now and take advantage of the relief act. I am not in default and want to avoid being in default when negotiating any tips you guys could give me? Thanks!
Travis