How do I negotiate with lender for company relo purchase that will still leave me with owing $100k?
I purchased my condo in 2004 and it has depreciated by $150. I haven't missed any payments and can make the remainder of the loan balance over an extended period of time. But would I be able to negotiate on the rate, etc? I haven't called Chase yet but have heard they are very challenging to work with.
Samantha, when you say "relo purchase" do you mean a relocation company is buying your home? If so, you may need to take some extra steps before you call Chase. In any case, if you'd like to contact me directly, I'd be happy to give you some general information about the short sale process and refer you to someone in your area who can actually help you get through it. I can be reached at 703-669-3142 / vchrisner@kw.com
Most banks do not consider modification of the loan terms unless the borrower has some sort of circumstances that would be considered a hardship. (reloction could be one) It does not need to be severe hardship but I would get the facts to a person who has done some modifications and/or short sales and see what the options might be.
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