Quote:
Originally Posted by NHarrington  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 ? |
I would guess that the letter you received is for a refinance. If it is a refinance you will need to apply and be approved using whatever the current approval guidelines are. One big issue I see is your appraisal on the property will crush your chances. I have not read anywhere where
CW has reduced principle on anyones loan to date but I could be wrong!