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Posted by Todd on May 07, 2008 at 18:35:55:

In Reply to: Renigotiate current Bank Loan posted by Nick on May 07, 2008 at 13:09:34:

Yes, it's possible. Although probably not very likely.

The federal government is trying to encourage lenders and investors to write down principal on loans to keep people in their homes, but there have been no mandates, so most lenders aren't doing it. And no lender will do it without evaluating every other possible way to keep you in the house first.

You have nothing to lose by trying, but your chances at success are probably fairly slim. There are numerous other programs you may qualify for, though, depending on your income and ability to make payments going forward.

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