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Monday, December 29, 2008

Debt Forgiveness For Those With Severe Medical Costs

Hi,

Do mortgage companies ever forgive an entire home loan debt ($102,000.00) because of medical reasons? I ask because of severe health problems in my family and medical bills we can't get on top of, even with our credit card. Mr. Warren Buffet recently paid off our credit card and a home equity loan because of our need. But our house payment is nearly half of our monthly income. (We are living on Social Security Disability). Thanks,

Denise


Dear Denise,

Please forgive my more-than-tardy reply: This e-mail was lost in my e-mail files!

I am really very sorry to hear about your medical issues. I hope everything turns out well. To answer your question, simply: It is up to the lender. The fact is that if you are behind, you have several options for a loan modification: lower rate, longer term, a combo, etc. Lowering the principal is certainly not unheard of, but much less common...even in these crazy times. Given your circumstances and the likelihood of some media attention that you received re: Mr. Buffet's generosity, you may be able to get the lender to help. Even if the lender extended your term and lowered your rate, you would be better off than you are now. Just remember, you get more with honey than you do with vinegar. In other words, the lenders want to help. They do not like to be yelled at or assaulted. This is not advice directed specifically at you, but at all those who are looking for loan modifications. Good luck!


MortgageMaster

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