Foreclosure in 89134>Question Details

tsib, Home Owner in 89134

reduce principal

Asked by tsib, 89134 Thu Aug 29, 2013

Our residence is being foreclosed. I understand through mediation that I may request a short sell and/or loan modification. My question...Is it logical to request a reduction of the balance due which includes ( principal past due payments fees)? All of which add up to a sum that's more than the house is worth. My idea is to request a dismissal of past due payments and fees...And modification of principal. Can this be done? Also the home is in my wife's name only and she hasn't had any income for four years. I've had income, however, it has been consistent...Although I'm starting a new job this week.


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I have one of the best short sales specialist on the planet on my team. Wed be happy to discuss with you. Call me at 702-525-7368... Jon
0 votes Thank Flag Link Tue Sep 3, 2013
You can ask for a number of things, INCLUDING principle reduction/loan forgiveness/lower interest rates. The mediation process is a great way for many underwater homeowners to possibly save their homes........but keep in mind that the mediator also has the bank or lender in mind. If you get the terms you are looking for, they may have conditions you may not want to live with, such as interest rate increases after 5 years, or penalties for selling your home before a specified time. Sometimes, AFTER looking at the terms you will have to agree to, it may be better to start over as your credit may still be affected during some of this term period. If you have more questions, please contact us. We would be happy to answer any questions or help in any way we can. Good luck!
0 votes Thank Flag Link Fri Aug 30, 2013
Hi, as far as an answer to your question I would say that yes you can request that but it is unlikely they would accept it. One reason is because they generally don't but also because you would also basically be asking for a loan modification. You mentioned the home is in your wife's name and she has had no income for the last 4 years.....she will not qualify for a loan modification but she would likely get approval by the bank to do a short sale. Atleast that way she could get out from the debt. Also, aside from the fact you mentioned having inconsistent income yourself, the fact that you are not listed on this home makes it to where you could possibly qualify to purchase a new home at today's prices......this would also ofcourse depend on your income and how long you have been doing the same line of work.....Call me and we can discuss this further. I would like the chance to discuss w/ you the options available. You can reach me at 702-370-1072 or via email at

Laura Bauer w/ Foundation Realty, LLC…
0 votes Thank Flag Link Thu Aug 29, 2013
I would suggest you also just short sale the home and be done wih it. Debt forgiveness ends this year, dont risk paying tens of thousands in taxes, call me, I can short sale your home for FREE.

Scot Savage, REALTOR
0 votes Thank Flag Link Thu Aug 29, 2013
Your best bet will be to short sale your home. There are promises of mediation/principle reduction and so on but they never come about. If you short sale you will not be paying any of the past payments. Even though your wife is the only name since you are married your income is considered. In a short sale the note holder wants to know you have hardship and it sounds like you do since only one has been working.

If you would like some help I would be more than happy to talk with you and see what we can do to help you out.

Please feel free to give me a call or email 702-727-7444 or

All my best!
0 votes Thank Flag Link Thu Aug 29, 2013
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