Loan Modification Forum - LoanSafe.org - View Single Post - Strange situation -- success with caveat -- HELP needed!

AZ Meltdown · 07-10-2009, 07:06 AM

No, a principle write down would permanently reduce your mortgage balance.
You would probally still have a hit on your credit report.

The WF offer would probally be a lien on the home. It must be repayed any time in the future that you sold the home and before you would recieve any of the equity.
The only way the WF offer would work to your advantage is if we had wild inflation, something like 20% or more for years.
Then that 110K of interest free debt would be inflated down to little or nothing.

Of course with that level of inflation most of us would be scrambling to survive.
So it is not something to wish for.

But I am all for you dragging out the foreclosure process as long as possible.
Good luck!!!

07-10-2009, 07:06 AM	#13 (permalink)
AZ Meltdown Senior Member Join Date: Apr 2008 Posts: 129 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Strange situation -- success with caveat -- HELP needed! No, a principle write down would permanently reduce your mortgage balance. You would probally still have a hit on your credit report. The WF offer would probally be a lien on the home. It must be repayed any time in the future that you sold the home and before you would recieve any of the equity. The only way the WF offer would work to your advantage is if we had wild inflation, something like 20% or more for years. Then that 110K of interest free debt would be inflated down to little or nothing. Of course with that level of inflation most of us would be scrambling to survive. So it is not something to wish for. But I am all for you dragging out the foreclosure process as long as possible. Good luck!!!