Can you negotiate paying off a mortgage if the value of the house is appraised at less than the mortgage?
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FIRST ANSWER
Conceivably you can negotiate anything you want but unless you are in distress or haven't paid or have some other really compelling reason why you have to do that the bank will likely tell you to pound sand. Also lenders are overwhelmed right now and they are not doing a very good job at 'shorts' which is what you're talking about. They would be just as likely to go ahead and foreclose I would say unless, again, there is some really compelling reason not to.
Web Reference: http://www.provestre.com/bank-owned-property/bank-owned...
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