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Renting the house after loan mod

Discussion in 'CitiMortgage' started by pricey_mistake, Mar 1, 2010.

  1. pricey_mistake

    pricey_mistake LoanSafe Member

    We bought a house for 800K in 2007 and now it's worth about 520K.
    Citi has 1st mortgage for 640K and second for 80K as we put down 10%.

    We plan to move out the country and rent the house(this is to avoid telling everybody we foreclosed as I see it is still frowned upon :confused:)

    We are not in any hardship and are well above the 31% limit.
    Can we stop making payment and negotiate with citi to reduce both principal and interest such that rent satisfies the mortgage.

  2. Evan Bedard

    Evan Bedard Call 1-800-779-4547 Loan Safe Mortgage

    Pricey mistake- you may be able to reduce the monthly mortgage payments by lowering the interest rate, but as principle reduction is most likely out of the question as no lenders are offering this type of assistance. Personally I have seen maybe 5 in the past two and a half years and 3 of them were with Wachovia for a very small amount..

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