Balance Reduction

[Overmylimit]

When I talked with one of my Creditors today I had told him I had been waiting to file due to the Senate Bill which was shot down. He then said they did do a mortgage reduction but only on your primary residence? Is this correct or is it the Obama stability thingy>>>

[Overmylimit]

any idea? I am trying to get GMAC to balance reduce my loan, I have seen proof that its being done but is there a specific bill or law I could recite when I talk to them

[JRScott]

I don't know about cars, there is a process for homes. Maybe someone else knows

[Overmylimit]

Thats what I am wondering about my primary home, i thought balance reduction was shot down.

[BKch7]

balance reduction

I have a second with GMAC but they said they will not talk about a balance reduction until after my chap 7 is discharged and closed. Even then they did not say they would reduce the balance they just said it was not up for discussion until then. However, I am still trying to get my 1st to reduce my balance and so far no luck.

I would like to keep my home but I do not want to be back in debt with owing more than my home is worth by $100,000 which is what I would have if I reaffirm both the 1st and the second.

I hope you are successful in getting a balance reduction.

You may want to read the thead "Loan Modification Principle Balance reduction" in the foreclosure section

[HHM]

Balance reductions are about as rare as the dodo bird (note, the dodo bird is extinct). Mortgage modificaitons are a dismal failure, do not pin your financial future on unfounded "hope"."

I hate being so negative, but in this case, the numbers speak for themselves.
In June, 18,000 mortgage modifications, 275,000 foreclosures, redefault rate on mortgage modifications, over 60% (meaning, those homeowners that still defaulted AFTER receiving a modifications).

[eddiep]

overmylimit

the bill that would give the bk trustee the power to "cram down" a mortgage was not passed. He lied!