| Principle reduction
Hi,
My lender has done appraisal of primary house on 6/29/2009. It came 324,000 but my first loan is 310,000 and 2nd loan is 113,000. I asked my lender to reduce the priciple amount (wipeout the 2nd loan). because appraisal has done 2 months before now it could be less than or equal to first loan. after this my lender is asking provide the document which says if the value of house less or equal to first loan then 2nd loan can be wipedout.
My question is anybody has any document which support to this?
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