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dani hut Asked:

My mortgage balance is 260,000. Market value for my house is only 160,000 and is going down. I am two months behind on payments. I would like to keep my house but can't keep up with payments due to reduced income. Is it possible to reduce mortgage balance to current market value, because that would be only way for me to afford monthly payment? Thank You, DH! [Clearwater FL]

02/10/2009

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Answer Provided by: Danny S. Kim [02/25/2009]
 

You need to contact your lender's loss mitigation dept to determine what options are available for you. Ask customer service to transfer you directly to that dept as they are the only ones who can assist w/ a loan modification. Also, check out http://www.hud.gov/foreclosure/index.cfm.