Loan Modification Forum - LoanSafe.org - View Single Post

NHarrington · 02-17-2009, 10:38 PM

Through blood sweat and tears and actually in labor towards the end of it, Countrywide granted a loan modification which wasn't half bad. We would have taken anything though at the time and now here we are a year later in our tiny condo that is $150,000 upside down. I just received one of their balnket letters saying we may qualify for a rate reduction OR loan amount reduction. We have a 2 loans and I'm wondering what the chances are they would be willing to forgive our Equity loan which is 65,000. Am I dreaming or is this worth a shot? Otherwise I don't know if we should short sale or what ?

02-17-2009, 10:38 PM	#1 (permalink)
NHarrington Senior Member Join Date: Jan 2008 Posts: 32 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Loan Amount Reduction Through blood sweat and tears and actually in labor towards the end of it, Countrywide granted a loan modification which wasn't half bad. We would have taken anything though at the time and now here we are a year later in our tiny condo that is $150,000 upside down. I just received one of their balnket letters saying we may qualify for a rate reduction OR loan amount reduction. We have a 2 loans and I'm wondering what the chances are they would be willing to forgive our Equity loan which is 65,000. Am I dreaming or is this worth a shot? Otherwise I don't know if we should short sale or what ?