Asked by Michael Lueckert, Jacksonville, FL • Thu Jul 12, 2012
We bought a house to turn on an 80/20 loan 6 months before the market dropped. The 179,000 home is now assessed at 116,000 and we can't do anything because of the 20. Can I negotiate a buy out with the servicer for less than the principal remaining? The original loan was 38,500 at 13.5% (yes, we were stupid), we've paid 28,000 on it over the last 6 year mostly interest. It is a 30 year fixed, but I was hoping that if I offer 15,000 cash as a buy out along with what we've ready paid they may be interested. Is this a false hope or did I find a way out?
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