I currently have a 650k of mortgage debt with my principle residence and an investment property. The joint value of the property's would be around 425k. I recently lost my job and my relatives said they would pool some of their money together to pay a lump sum off my mortgage debt IF the bank would be willing to make a deal and write down the mortgage for more money than the lump sum they are willing to pay.
Has anyone come across this situation before where they have made a deal with the bank and got more money written off than the lump sum that was paid off? Say for example I got a lump sum of 100k, how much would the bank be willing to write off to accept the cash lump sum of 100k now? If someone has experience of this what is the best way to approach the bank?
I dont expect to get the kind of salary I used to be on so I envisage mortgage debt repayment issues for the future unless something is done. Please help!!
Has anyone come across this situation before where they have made a deal with the bank and got more money written off than the lump sum that was paid off? Say for example I got a lump sum of 100k, how much would the bank be willing to write off to accept the cash lump sum of 100k now? If someone has experience of this what is the best way to approach the bank?
I dont expect to get the kind of salary I used to be on so I envisage mortgage debt repayment issues for the future unless something is done. Please help!!