Tuesday, November 22, 2011

I am looking for advice on how to negotiate with mortgage company to bring down principal on 3 year old ARM. ?

Are there tips to help negotiate through this ugly situation? I owe $400k, home is now valued at $320k at best in Phoenix area. I was transferred 18 months ago, so do not live in home any longer. It is highly unlikely I will be able to return to live in this area. Need to preserve my excellent credit while salvaging my financial future and get rid of this house. Short sale? how does this work? will banks sometime split the loss? any help is very appreciated and welcome. thanks in advance.I am looking for advice on how to negotiate with mortgage company to bring down principal on 3 year old ARM. ?
Principle will never be lowered, you signed for X amount of dollars, borrowed that amount and have to pay that amount back. Anything other than full payment back will indeed hurt your credit scoreI am looking for advice on how to negotiate with mortgage company to bring down principal on 3 year old ARM. ?
Without hurting your credit it will be almost impossible unless you get lucky and the mortgage company does not report do to large volume of problems they are having. Try renting or owner financing to slow the bleeding. sorry
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