Can I negotiate a lower principal on my first and/or second mortgages without ruining my credit?

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.

mortgages

mortgages

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4 Comments for “Can I negotiate a lower principal on my first and/or second mortgages without ruining my credit?”

  1. William

    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 effective in preventing foreclosure. Even then, the chances are slim. Forgiveness of principal is not often done.

  2. Judy

    I hate giving links because I get reported to selling something.
    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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  3. Landlord

    The only way to do it without destroying your credit is to refinance.

  4. Grant Government

    To know more about the government grants, kindly see http://www.grantloanhelp.com/ for more information.

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