2 answers
you owe more than the market value? if so, it doesnt hurt to ask. Lenders are accepting "short sale" reductions when someone that is upside down is selling the home and the lender reduces the payoff so the borrower can sell without having to bring money to closing - not sure they will do this without a pending sale however..
There are several lenders that I'm aware of that are doing what we call "short refinances", where your current lender agrees to reduce the amount you owe to the current value of your home. In one instance I was able to save my client
$110,000.
Rita Reyes, Mortgage Specialist
www.voyagehomeloans.com
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