I bought my house right before the real estate crash. I want to find out if there is a way to negotiate a lower principal without affecting my credit.
Can I Negotiate a Lower Principal on My First and/or Second Mortgages Without Ruining My Credit?
Refinancing Loan
How to refinance loans
Just because you want it? No. You’d have to apply for a loan modification and argue that it’s the only way to prevent foreclosure and that it would be powerful in preventing foreclosure. Even then, the probability are slim. Forgiveness of principal is not often done.
I **** giving links because I get reported to selling a touch.
But there is a website by the federal government that can tell you if you qualify for a loan modification program.
If you do, these people will call your current mortgage company and negotiate lower payments.
Its called HOPENOW . COM
It was developed by HUD to help homeowners stay in their homes.
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The only way to do it without destroying your credit is to refinance.