How do I use the Mortgage Forgiveness Debt Relief Act of 2007 to negotiate a fix loan on my 1st and 2nd mtg?

Question by Lil’Hern: How do I utilize the Mortgage Forgiveness Debt Relief Act of 2007 with negotiate a fix loan about my first plus second mtg?
My initially mortgage is with Aurora Loan services for $ 355,200 @ 6.875 5 year fixed 2nd mortgage at $ 88,800 with Washington mutual @ 13% 20 year due inside 15 Balloon. I cannot refinance because my value has dropped about $ 20,000 is there any law which might enable me with renegotiate this with my creditors? I nevertheless have 3 years left yet I quite do this today plus take benefit of the relief act. I am not inside standard plus wish To avoid being inside standard whenever negotiating any secrets we men can provide me? Thanks!

Best answer:

Answer by v b
Unless congress/senate change the law, the bank doesn’t owe we anything plus isn’t needed with change the terms of the loan.

The debt act just states which when the bank does change the terms or forecloses which you are capable with avoid having cancellation of debt money found on the amount we are not able to pay back with the bank.

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