http://jessica.mortgagefit.com/2009/05/09/modifyloan-chapter13/ Just another Mortgagefit.com weblog Sat, 21 Nov 2009 14:22:27 +0000 http://wordpress.org/?v=2.3.1 http://jessica.mortgagefit.com/2009/05/09/modifyloan-chapter13/#comment-31427 parviz eftekhari Thu, 09 Jul 2009 06:22:06 +0000 http://jessica.mortgagefit.com/2009/05/09/modifyloan-chapter13/#comment-31427 let's say the upside down amount for the main mortgage is $100,000. In this case there are two options. The first option is to let the bank to foreclose. The second option is to include the payments for the $100,000 in the mortgage payments. Why should not be able to do a compromise. Say Bank reduces the debt by $60,000 and the debtor pays the other $40,000 in cash from his/her IRA or borrowing from family members. I think this should work for both. Regards! let’s say the upside down amount for the main mortgage is $100,000. In this case there are two options. The first option is to let the bank to foreclose. The second option is to include the payments for the $100,000 in the mortgage payments.
Why should not be able to do a compromise. Say Bank reduces the debt by $60,000 and the debtor pays the other $40,000 in cash from his/her IRA or borrowing from family members. I think this should work for both.
Regards!

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