Denied! Asking if City would forgive note???

Community Leader
Registered: 08-25-2006
Denied! Asking if City would forgive note???
2
Tue, 08-27-2013 - 2:40pm

Oh brother.  Oh well.  Fannie Mae doesn't like the terms of my note.  Negative amortization since there are no payments being made on it.  So, even though it is subordinated, they still don't like it.   Interest stops accruing in the spring, but apparently that doesn't matter. 

The lower interest would have been nice, but it was another 30 year loan.  It only made sense if we put the extra money towards principal only. 

I have a question.  The gal at the mortgage company said that I might want to see about the Note being forgiven?  In theory of course, that sounds wonderful, but on what grounds would you propose such a thing?  "Eh, thank you for the deferred payment note but because the value went down in my house could you just forgive $28,000 plus interest?  No reason, just asking?"

I have people I can talk to in real life, but just curious if any of you know anything about this kind of stuff. 

Serenity CL making a second marriage work

Serenity
Avatar for poorboy2011
iVillage Member
Registered: 10-02-2011
Tue, 08-27-2013 - 5:33pm

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Avatar for poorboy2011
iVillage Member
Registered: 10-02-2011
Tue, 08-27-2013 - 4:19pm
I don't know the answer. Isn't it weird that loans are "forgiven," almost as if the borrower made a mistake or, worse, sinned? I wish you luck.